The economic disposal has been achieved by an innovative structure which allows Deutsche Bank to obtain the full benefits from the upcoming tax reform in Germany. The transaction will qualify as a disposal for the Deutsche Bank Group in its IAS accounts, giving rise to a capital gain in excess of EUR 2 bn, but without triggering a tax disposal in the current year. The Allianz holding has been reduced now to take advantage of current market conditions.
Dr. Rolf-E. Breuer, spokesman of the Group Board of Deutsche Bank, commented: "Following the block sale of 2.3% Allianz shares in October last year, this deal confirms the ability of DB Investor to develop innovative structures to manage our portfolio and the Deutsche Bank's commitment to realise maximum shareholder value by reducing its historic industrial shareholdings. The transaction also forms a major contribution towards unraveling the web of cross shareholdings in Germany, thereby boosting the competitiveness of German industry in the global economy."