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Commerzbank merger does not make sense says largest shareholder

The largest shareholder of Commerzbank, the German owner of Jupiter Asset Management, indicates it supports a cross-border deal if the bank is to merge in the near future.

Cobra, the German unit of a Dutch holding company, says that the proposed merger between Commerzbank and its larger rival Dresdner Bank does not make much sense.

Hansgeorg Hofmann, who runs Cobra, says there are “better value-creating solutions” than the merger. He says in order for it to work, the banks would have to cut between 15,000 and 20,000 jobs to achieve the necessary costs.

Hofmann says the best option for Commerzbank is to join with a strong European partner that would allow the German bank to retain its independent corporate structure.

He says: “We can muster a 25 per cent plus stake in Commerzbank. If we don&#39t like a proposed deal we can call an extraordinary shareholders&#39 meeting and block it.”


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