(BBG) Cerberus Opposes Deutsche Bank-Commerzbank Merger: Handelsblatt

(Bloomberg) — Stephen Feinberg’s Cerberus Capital
Management opposes a potential combination of Deutsche Bank AG
and Commerzbank AG, determining that Germany is big enough for
two private banks, Handelsblatt reported.
Billionaire Feinberg, who revived speculation about a
merger after buying stakes in both Frankfurt-based banks last
year, reached the conclusion after talks with high-level
officials in Germany in mid-December, the newspaper said,
without disclosing where it obtained the information.
Deutsche Bank and Commerzbank would have to be
significantly more streamlined and effective — and the banks’
goals are insufficiently ambitious, the U.S. billionaire is said
to have told officials. He met with officials at the Federal
Chancellery and Finance Ministry in Berlin, with oversight
authorities, as well as the banks, the newspaper said.
Shares of both banks surged Nov. 16 when the U.S. private
equity firm disclosed that it owned a 3 percent stake in
Deutsche Bank. The previous July, Cerberus bought a 5.01 percent
stake in Commerzbank. Commerzbank stock has risen 6.7 percent
since then, while Deutsche Bank has fallen 1.7 percent.
Cerberus declined to comment to Handelsblatt, as did
Deutsche Bank. Commerzbank told the newspaper it maintains
contact with existing and potential investors, “and Cerberus is
no exception.”