Dresdner Bank to buy Wasserstein, Perella for $1.369 billion

Dresdner Bank, the third-biggest bank in Germany, said on Monday that it had agreed to buy the US investment bank Wasserstein, Perella and Co for $1.369 billion (1.569 billion euros) in new Dresdner Bank shares. 

Dresdner Bank said in a statement that an agreement, subject to approval by its supervisory board, had been signed on Monday, . 

Wasserstein, Perella shareholders would receive 30.5 million new Dresdner Bank ordinary shares out of authorized, but as yet unissued share capital. 

The final price would be adjusted "depending on the closing balance sheet" of Wasserstein, Perella. 

But based on a 10-day price average, "this corresponds to a purchase price of approximately $1.369 billion (1.569 billion euros)", the statement said.— (AFP) 

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