By Eyk Henning
FRANKFURT--Commerzbank AG (CBK.XE) has suffered a setback with
the departure of two high-profile investment bankers, as the
continued sluggish market environment dampens activity.
The bank's global head of mergers and acquisitions, Philipp
Mohr, told Dow Jones Newswires that he is leaving the bank to join
William Blair in an effort to strengthen the investment-banking and
asset-management firm's global M&A advisory business starting
early next year.
Mr. Mohr made a name for himself in the sector through advising
on the sale of German generic drug maker Ratiopharm to Teva
Pharmaceutical Industries Ltd. (TEVA) for 3.6 billion euros ($4.65
billion) and U.S. construction machinery maker Terex Corp.'s (TEX)
acquisition of the German crane maker Demag Cranes, worth around
EUR960 million.
Ute Gerbaulet, head of Commerzbank's equity capital markets
business, has already left the bank, a spokeswoman confirmed
Thursday.
Ms. Gerbaulet led the bank's more than EUR11 billion capital
increase last year in a move to repay billions of state aid that
the bank received in the course of the financial crisis.
The equity capital advisory business is suffering from a drought
on the Continent's equity capital markets. Proceeds from capital
increases and initial public offerings in Europe fell 45% to $73.5
billion year to date, according to data from Thomson Reuters.
Write to Eyk Henning at eyk.henning@dowjones.com
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