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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank    DBK   DE0005140008

DEUTSCHE BANK (DBK)
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Deutsche Bank to refrain from selling DWS shares for six months after IPO

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03/13/2018 | 04:31pm CEST
The head quarters of Germany's largest business bank, Deutsche Bank, is photographed in Frankfurt

FRANKFURT (Reuters) - Deutsche Bank (>> Deutsche Bank) has agreed not to sell any additional shares in asset management unit DWS for six months after the planned initial public offering (IPO) on March 23, DWS said in the prospectus for the deal published on Tuesday.

FRANKFURT (Reuters) - Deutsche Bank has agreed not to sell any additional shares in asset management unit DWS for six months after the planned initial public offering (IPO) on March 23, DWS said in the prospectus for the deal published on Tuesday.

Deutsche Bank set the price range for the planned IPO of DWS at 30 to 36 euros a share on Sunday, valuing the division at up to 7.2 billion euros (6.38 billion pounds).

That would raise proceeds of between 1.5 billion and 1.8 billion euros, less than the maximum the bank had initially hoped for as it repairs its balance sheet and restructures the flagship German bank.

Deutsche said in March 2017 it would list a stake in DWS as part of a broader overhaul to help it move on from a string of lawsuits and trading scandals. The IPO has been brought forward as the bank hopes to lock in stock market valuations ahead of any further market correction.

DWS will be overseen by a supervisory board of twelve with Deutsche's Chief Administrative Officer Karl von Rohr as chairman, as well as the lender's Chief Regulatory Officer Sylvie Matherat and Germany retail banking head Asoka Woehrmann.

Separately, DWS has enlisted Evonik finance head Ute Wolf and former BASF manager Margret Suckale to become independent members of the supervisory, alongside Aldo Cardoso, a non-voting member of Axa Investment Managers' board. ‍Nippon Life Insurance Company, which acquired a 5 percent stake in DWS which it has vowed to keep for at least one year, will be represented by Hiroshi Ozeki, DWS said in the prospectus.

March 23 is expected to be the new stock's first trading day on the Frankfurt Stock Exchange.

($1 = 0.8115 euros)

(Reporting by Arno Schuetze; Editing by Edward Taylor)

Stocks treated in this article : Deutsche Bank, BASF, Evonik Industries
Stocks mentioned in the article
ChangeLast1st jan.
BASF 1.63% 81.63 Delayed Quote.-11.02%
DEUTSCHE BANK 1.60% 10.536 Delayed Quote.-33.63%
EVONIK INDUSTRIES 0.52% 32.66 Delayed Quote.4.11%
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Financials (€)
Sales 2018 25 863 M
EBIT 2018 2 085 M
Net income 2018 607 M
Debt 2018 -
Yield 2018 1,39%
P/E ratio 2018 38,96
P/E ratio 2019 12,53
Capi. / Sales 2018 0,84x
Capi. / Sales 2019 0,84x
Capitalization 21 776 M
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Mean consensus UNDERPERFORM
Number of Analysts 28
Average target price 10,2 €
Spread / Average Target -3,3%
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Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr Co-President & Chief Administrative Officer
Garth Ritchie Co-President & Co-Head-Corporate & Investment Bank
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operations Officer
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