FRANKFURT, April 5 (Reuters) - Commerzbank has finished the bulk of its preparations for a possible capital hike and will issue shares as soon as favourable market conditions allow, three sources told Reuters.
'The bank has worked out several blueprints for a prospectus,' one of the people familiar with Commerzbank's strategy said.
Commerzbank declined to comment on Tuesday.
'As soon as it thinks that the right moment has arrived, it will pull one of the drafts out of a drawer and go ahead with its share issue,' another source said, adding that this move will unlikely come before shareholder approval in May.
'Commerzbank is constantly talking to investors to learn how many new shares they would be willing to buy at which price,' a third source said.
German state bailout fund Soffin injected 16.4 billion euros ($23.26 billion) of so-called 'silent participations', a form of non-voting capital contribution, and took a 25 percent stake in Commerzbank during the financial crisis.
(Reporting by Arno Schuetze, Alexander Huebner and Philipp Halstrick) ($1=.7050 Euro) Keywords: COMMERZBANK CAPHIKE/ (Arno.Schuetze@thomsonreuters.com; +49 69 7565 1197; Reuters Messaging: Arno.Schuetze.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. 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.
'The bank has worked out several blueprints for a prospectus,' one of the people familiar with Commerzbank's strategy said.
Commerzbank declined to comment on Tuesday.
'As soon as it thinks that the right moment has arrived, it will pull one of the drafts out of a drawer and go ahead with its share issue,' another source said, adding that this move will unlikely come before shareholder approval in May.
'Commerzbank is constantly talking to investors to learn how many new shares they would be willing to buy at which price,' a third source said.
German state bailout fund Soffin injected 16.4 billion euros ($23.26 billion) of so-called 'silent participations', a form of non-voting capital contribution, and took a 25 percent stake in Commerzbank during the financial crisis.
(Reporting by Arno Schuetze, Alexander Huebner and Philipp Halstrick) ($1=.7050 Euro) Keywords: COMMERZBANK CAPHIKE/ (Arno.Schuetze@thomsonreuters.com; +49 69 7565 1197; Reuters Messaging: Arno.Schuetze.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. 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.