Deutsche Bank wins court case on Postbank takeover

Effecten-Spiegel AG

16/12/2020 10:28

FRANKFURT, Dec 16 (Reuters) - Deutsche Bank  DBKGn.DE  does
not have to pay former investors in its retail subsidiary
Postbank a higher compensation than offered in its 2010 tender
offer, a German court ruled on Wednesday.
    The Cologne Higher Regional Court dismissed the suit by
former Postbank shareholders, who had accepted the bid worth 25
euros ($30.50) a share, but asked for a significant bump,
arguing that Deutsche Bank had bought shares earlier at a higher
price. 
    The claimants had argued that Deutsche Bank effectively took
control of Postbank in 2008 when it bought a stake of just under
30% at a much higher price than 25 euros, which the court ruled
was not the case. 
    The investors, which include Effecten Spiegel AG  EFSG.MU ,
had sued Deutsche Bank for 740 million euros ($903 million) in
additional compensation. They can appeal the ruling at the
Federal Supreme Court.

($1 = 0.8198 euros)

 (Reporting by Arno Schuetze, editing by Louise Heavens)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))