Commerzbank Shares up on Citibank Bid Talk: Traders
By: Reuters
Commerzbank, which has been persistently cited as a possible takeover target, jumped 2.2% to 37.8 euros, its highest in nearly seven years on market talk Citigroup was likely to bid about 45 euros ($60.75) a share for the bank.
Commerzbank declined comment on the market rumor. Its shares were the top gainers in the DAX 30 share index, which was up 0.1%.
Sue Harnett, Citigroup's head of German operations told Reuters in late March that Citigroup was on the lookout for acquisitions in Germany and could swoop on a big bank.
Commerzbank, which has been persistently cited as a possible takeover target, jumped 2.2 to 37.8 euros, its highest in nearly seven years on market talk Citigroup was likely to bid about 45 euros ($60.75) a share for the bank.
