(Reuters Breakingviews) - So much for pan-European unity. Deutsche Bank is in me...
European Central Bank President Mario Draghi, Deutsche Bank CEO Christian Sewing and Commerzbank CEO Martin Zielke attend the 28th Frankfurt European Banking Congress at the Old Opera house in Frankfurt, Germany November 16, 2018.
BNP boss Jean-Laurent Bonnafé recently ruled out M&A after a dispiriting set of results. Nonetheless, directors on Deutsche’s management board granted Sewing a mandate to begin preliminary discussions in February, according to a Deutsche Bank source. A possible French interloper acquiring the second-biggest German bank might lubricate matters with regulators and Berlin, which has called for the creation of a national banking champion, and owns 15 percent of Commerzbank.
Secondly, what kind of premium could Deutsche afford? Paying 10.7 billion euros, a 30 percent increase on Commerzbank’s market value, would take Deutsche’s common equity Tier 1 ratio below 11 percent, well short of management’s 13 percent target threshold. Paying in shares would dilute investors for the second time since April 2017.
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