FRANKFURT, Aug 31 (Reuters) - COMMERZBANK AG:
* Says pays approximately 8.8 billion euros for Dresdner Bank, around 5 billion in expected synergies
* Says 1.6 billion of purchase price for Dresdner Bank in cash, remainder in shares
* Says parts of Commerzbank's asset management sold to Allianz <ALVG.DE> for 700 million eur
* Says placement of up to 65.4 million shares from capital increase, timing subject to markets
* Says 9,000 full-time positions to be reduced in a socially responsible way,
nearly 67,000 employees at both banks at present
* Says 2,500 job cuts will be outside Germany
* Says around 70 % of these relate to back office, control and production
units, as well as in investment banking
* Says Allianz's final stake in combined bank will depend on the merger exchange
ratio
* Says as of today, the Commerzbank/Dresdner Bank merger ratio is to be
expected within a range from 66:34 to 61:39
* Says following the completion of the whole transaction, a tier 1 capital
ratio of 7% to 8% will be targeted, for the medium term.
* Says the midterm return on equity after tax should come at a minimum of 15 %
((Frankfurt Newsroom; +49 69 7565 1272))
tf.TFN-Europe_newsdesk@thomsonreuters.com wj COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
* Says pays approximately 8.8 billion euros for Dresdner Bank, around 5 billion in expected synergies
* Says 1.6 billion of purchase price for Dresdner Bank in cash, remainder in shares
* Says parts of Commerzbank's asset management sold to Allianz <ALVG.DE> for 700 million eur
* Says placement of up to 65.4 million shares from capital increase, timing subject to markets
* Says 9,000 full-time positions to be reduced in a socially responsible way,
nearly 67,000 employees at both banks at present
* Says 2,500 job cuts will be outside Germany
* Says around 70 % of these relate to back office, control and production
units, as well as in investment banking
* Says Allianz's final stake in combined bank will depend on the merger exchange
ratio
* Says as of today, the Commerzbank/Dresdner Bank merger ratio is to be
expected within a range from 66:34 to 61:39
* Says following the completion of the whole transaction, a tier 1 capital
ratio of 7% to 8% will be targeted, for the medium term.
* Says the midterm return on equity after tax should come at a minimum of 15 %
((Frankfurt Newsroom; +49 69 7565 1272))
tf.TFN-Europe_newsdesk@thomsonreuters.com wj COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.