Deutsche ups cash call to DM6bn

Thursday 18 March 1999 19:02 EST

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DEUTSCHE BANK said yesterday that it was increasing the size of the rights issue to fund its $10bn (pounds 6.25bn) purchase of Bankers Trust by 50 per cent to DM6bn (pounds 2.07bn). The German giant said the extra cash would help equip it for "continuing consolidation" in Europe's banking industry.

Chairman Rolf Breuer dampened speculation that the bigger call meant Deutsche would step into the bank bid war in France. There has been talk that Deutsche could partially underwrite BNP's bid for Societe Generale. The bank's shares fell 1.23 euros to 50.65 on the cash call news. Net income, including the DM3.2bn windfall dividend from the bank's Daimler- Benz shareholding, tripled to DM3.4bn.

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Deutsche ups cash call to DM6bn

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