FRANKFURT, Dec 10 (Reuters) - German private bank Sal. Oppenheim plans to keep a stake in Arcandor for at least five years, the retail and tourism group's chairman told daily newspaper Frankfurter Allgemeine Zeitung.
'We want the employees to know that we, as a family business, are committed to the company and are not a deal-maker,' Friedrich Carl Janssen said in an interview to be published on Thursday.
Sal. Oppenheim recently bought about 29 percent of Arcandor by subscribing to the group's capital increase and buying a stake from the Schickedanz family, a major shareholder and heirs to mail-order firm Quelle's founder Gustav Schickedanz.
Janssen replaced Hero Brahms as chairman last month.
Sal. Oppenheim did not plan to increase its stake to more than 30 percent, a move that under German regulation would require it to make a full takeover offer for Arcandor.
Beyond the five-year period, Janssen declined to say whether and how the bank would divest its shares in Arcandor, but said it would be theoretically possible to pass on shares to banking customers.
(Reporting by Maria Sheahan; Editing by Hans Peters) Keywords: ARCANDOR/SALOPPENHEIM (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'We want the employees to know that we, as a family business, are committed to the company and are not a deal-maker,' Friedrich Carl Janssen said in an interview to be published on Thursday.
Sal. Oppenheim recently bought about 29 percent of Arcandor by subscribing to the group's capital increase and buying a stake from the Schickedanz family, a major shareholder and heirs to mail-order firm Quelle's founder Gustav Schickedanz.
Janssen replaced Hero Brahms as chairman last month.
Sal. Oppenheim did not plan to increase its stake to more than 30 percent, a move that under German regulation would require it to make a full takeover offer for Arcandor.
Beyond the five-year period, Janssen declined to say whether and how the bank would divest its shares in Arcandor, but said it would be theoretically possible to pass on shares to banking customers.
(Reporting by Maria Sheahan; Editing by Hans Peters) Keywords: ARCANDOR/SALOPPENHEIM (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.