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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.”


Hague in bid to alter stakeholder

Tory leader William Hague has tabled a House of Commons motion calling forthe annulment of the Government&#39s stakeholder pension regulations.The move by the Conservatives is seen as the party&#39s last opportunity toensure its concerns about the proposals are raised. The Tories say becauseof the way stakeholder has been introduced by the DSS, it will not […]

UK pension performance hits a flat note

UK pension fund returns fell flat at the start of the year, according toperformance measurement consultant The WM Company.Pension fund returns stood at -0.4 per cent in the first quarter of thisyear but still outperformed the UK equity index on average.Returns on the indexwere -3.4 per cent over the same period.The quiet beginning to the […]

IFAP survey shows advice is not just for the wealthy

IFA Promotion has dispelled the myth that independent financial advice isonly for the well-off.Research reveals that 41 per cent of users of the IFAP hotline service arein the C1, C2, D and E social brackets.Those in the C1 group – white-collar workers – were found to be more loyalthan other users, with 84 per cent […]

IFAs told to make supermart choice

The fund supermarket war hotted up this week with latest entrantConsolidated Funds warning IFAs they must choose between the company orrival Fidelity.Consolidated has told IFAs it will be impossible to sign up to bothcompanies because they will experience operational difficulties.It says signing up to Fidelity means they risk missing out on Consolidated funds.Consolidated Funds chief […]


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