China's acquisitive conglomerate HNA Group has become the largest shareholder of Deutsche Bank AG, after increasing its stake in the German banking giant to almost 10%, from 4.8% a month ago.
HNA Group's stake has now overtaken Qatar's royal family and BlackRock Inc. to top the shareholder list, after Deutsche raised capital by issuing 687.5 million shares at €19.14 per share, a 39% discount to the stock's market closing price the day before the recapitalization plan was announced.
The US$8.5 billion capital raising by the German bank is the fourth such issuance since 2010, as part of a turnaround plan initiated by its chief executive officer John Cryan.
Deutsche's shares lost over 60% of their value at one point during the past two years, as it was hit by massive fines amid allegations of violating U.S. economic sanctions and ma...
This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network
