Investor group Cobra, which controls a 17-percent stake in Commerzbank, has engaged the US merchant bank Donaldson, Lufkin, Jenrette (DJL) to find a buyer for its share in the fourth-biggest bank in Germany, Cobra's head was quoted by a newspaper as saying Wednesday.
Cobra chairman Hansgeorg Hofmann was quoted by the business daily Handelsblatt as saying that DLJ had been asked to contact potential buyers and persuade them to purchase Cobra's stake.
Cobra, the biggest shareholder in Commerzbank, is in open conflict with the bank's management over strategy.
The investor group vehemently opposed the planned, but ultimately failed, merger between Commerzbank and its bigger rival, Dresdner Bank. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
