Cerberus to sell more Deutsche Bank shares

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A woman walks past a Deutsche Bank office in London, Britain July 8, 2019. REUTERS/Simon Dawson

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  • Cerberus to sell 15 million Deutsche Bank shares
  • The sale would reduce the stake to around 1.26% from 1.99%
  • Cerberus placement would be the second in a month

FRANKFURT, Feb 8 (Reuters) – Cerberus is set to sell more shares of Deutsche Bank (DBKGn.DE), a term sheet from the investment bank responsible for the sale said on Tuesday, following a a sale last month of shares in Germany’s largest bank. by the American investment fund.

Cerberus, which currently owns 1.99% of Germany’s largest bank, wants to sell around 15 million shares, according to the term sheet, which equates to a stake of around 0.73%, which would reduce the participation of the American fund Deutsche Bank at around 1.26%.

Cerberus declined to comment.

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Based on Tuesday’s closing price, 15 million Deutsche Bank shares are worth about 216 million euros ($247 million). Shares of the bank are up more than 30% so far this year.

Morgan Stanley is the bookrunner for the sale, which comes after Cerberus sold a roughly 1% stake in the bank in January. more Sources told Reuters further sales are expected.

Cerberus has agreed to a 30-day lockup in Deutsche Bank, during which it will not sell any additional stakes, Morgan Stanley said, and the placement is expected to settle on Feb. 11, 2022.

($1 = 0.8755 euros)

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Reporting by Tom Sims and Christoph Steitz. Editing by Jane Merriman

Our standards: The Thomson Reuters Trust Principles.

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