Deutsche Bank: agreement with Effecten-Spiegel on Postbank

(CercleFinance.com) - Deutsche Bank announced on Thursday that it had reached an out-of-court settlement with German financial publisher Effecten-Spiegel, which criticized it for not being sufficiently generous when it acquired Postbank nearly 14 years ago.


In a press release, the German banking group states that this out-of-court settlement provides for the payment of an additional amount of 36.5 euros per share in cash, in addition to the purchase price that had been offered at the time.

Deutsche Bank recalls that Effecten-Spiegel was, in October 2010, the first plaintiff to take legal action against it following the formalization of the transaction.

The bank points out that the publishing group was for a long time the only plaintiff in the case, before being joined by a plethora of other shareholders later on.

The agreement unveiled today puts an end to the proceedings Effecten-Spiegel had initiated before the Cologne High Court of Appeal.

Following this announcement, Deutsche Bank shares were one of the strongest performers on the DAX index on Thursday, gaining over 3.3%.

Last month, the Group announced that it had now reached an agreement in around 60% of the total number of disputes in the Postbank case.

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