Commerzbank Inlandsbanken Holding GmbH intends to acquire an additional 7.66% stake in comdirect bank AG (XTRA:COM) from Petrus Advisers LLP and others on December 11, 2019. The shareholders of comdirect will receive Commerzbank shares in exchange for their shares. The exchange ratio will be determined on the basis of expert reports on the value of comdirect and Commerzbank. Once the transaction has been completed, Commerzbank will hold more than 90% of the shares of comdirect. As of February 26, 2020 the Commerzbank has submitted the formal request to the board of comdirect bank to execute the procedure of the shares for cash consideration. As a part of the transaction Frauke Hegemann, Chief Executive Officer of comdirect bank will be leaving the company. Transaction is subject to approval from shareholders of comdirect and Commerzbank. Oliver Rieckers, Hartwin Bungert and Matthias Cloppenburg of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors to Commerzbank AG. Jan-Henning Wyen and Christian Stretz of Ego Humrich WYEN acted as legal advisor to Petrus Advisers LLP. Volker Land, Maurice Séche, Stephan Schulz, Sebastian de Schmidt, Patrick Mückl and Yvonne Dietzel of Noerr acted as legal advisors to comdirect bank AG. Commerzbank Inlandsbanken Holding GmbH completed the acquisition of an additional 7.66% stake in comdirect bank AG (XTRA:COM) from Petrus Advisers LLP and others on January 9, 2020. As of January 9, 2020, Commerzbank now holds over 90% stake in comdirect and met the minimum tender threshold.