Cleary Gottlieb Steen & Hamilton and Freshfields Bruckhaus Deringer have landed lead roles in Deutsche Bank’s proposed takeover of Deutsche Postbank.
Cleary is advising Deutsche Bank in its €9.8bn capital rights issue, which it will use to buy out the remaining 70 per cent of shares in Deutsche Postbank. The rights are being offered publicly in Germany and the United States and will trade on the Frankfurt and New York stock exchanges.
Hengeler Mueller M&A partners Burkhardt Meister and Daniela Favoccia are advising Deutsche Bank on the buyout.
The Frankfurt-based Cleary Gottlieb team is led by partners Ward Greenberg and Hanno Sperlich. The team also includes partner Christof von Dryander and associates Stephen Benham and Felix Mueller. Deutsche Bank’s in-house team is being led by head of equity capital markets Dr Andreas Meyer.
Deutsche Postbank has instructed Freshfields Bruckhaus Deringer, with the team being led by Frankfurt partner Matthias-Gabriel Kremer.
The underwriters, which include UBS, Santander, Bank of America, Merrill Lynch, Commerzbank and HSBC, are being advised by Davis Polk & Wardell London-based pairing John Banes and Jeffrey Oakes, and Hengeler Mueller Frankfurt partner Torsten Busch.
Deutsche Bank’s rights offering is the largest undertaken in Germany since Deutsche Telekom in 2000, a deal in which Cleary again represented the issuer. It comers after global bankers regulators in Basle set a new capital ratio on the world’s biggest bank, in some cases forcing them to triple the size of capital reserves.