It appears that Los Angeles-based Capital Group has thrown in the towel on its investment in Deutsche Bank, as well as rival Commerzbank.
Bloomberg News reported that an offering of 116 million shares in Deutsche Bank XE:DBK and 72.5 million shares in Commerzbank XE:CBK was priced.Bloomberg News reported that an offering of 116 million shares in Deutsche Bank DBK and 72.5 million shares in Commerzbank CBK was priced.
While it’s not clear who made that sale, Capital Group is the only actively managed institutional shareholder, according to FactSet data, that had enough stock in both to make such a sale.Both stocks were hammered in early trade, with Deutsche Bank down 10% and Commerzbank down 9%.Sentiment in the German economy has soured as the country deals with an inflation crisis exacerbated by Russia’s invasion of Ukraine.
The Ifo business climate index for Germany suffered a record collapse in March, mostly due to deteriorating expectations.
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