Chinese Conglomerate Takes Stake in Deutsche Bank
February 17 2017 - 09:36AM
Dow Jones News
By Jenny Strasburg
Chinese conglomerate HNA Group has taken a 3.04% stake in shares
of Deutsche Bank AG through a European asset manager, according to
securities filings.
HNA Group holds the stake through C-Quadrat Asset Management
(UK) LLP, the U.K. subsidiary of C-Quadrat Investment AG, founded
by Austrian investor Alexander Schütz.
A C-Quadrat spokesman in Frankfurt said Friday that HNA Group
holds the stake through a special-purpose vehicle. It's unclear how
much HNA Group paid for its stake, which crossed the 3% threshold
this week, triggering public disclosure. The C-Quadrat spokesman,
Thomas Katzensteiner, wouldn't comment on when the shares were
purchased or at what price.
The Chinese investors "do not rule out" increasing their stake,
but their intentions are to "stay below 10%" of outstanding
Deutsche Bank shares, Mr. Katzensteiner said.
He added: "They're seeing Deutsche Bank as an attractive
investment in the financial sector. They want to support the bank
and the management."
He said neither C-Quadrat nor the Chinese investors are
commenting about Deutsche Bank strategy.
Deutsche Bank shares were down 3.2% in Friday trading as of
early afternoon, to EUR17.92.
The shares are up 4% this year after hitting multi-year lows in
2016, when investors were shaken by concerns about legal-settlement
costs, flagging profits and a potential move by the lender to raise
capital by selling new shares. Deutsche Bank executives have said
they meet capital requirements and want to avoid issuing
shares.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
February 17, 2017 09:21 ET (14:21 GMT)
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