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BREAKING NEWS

Cerberus favours a Deutsche Bank, Commerzbank merger - Handelsblatt

Cerberus favours a Deutsche Bank, Commerzbank merger - Handelsblatt
FILE PHOTO: Banners of Deutsche Bank and Commerzbank are pictured in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo -
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FRANKFURT (Reuters) - U.S. investor Cerberus, which holds stakes in Deutsche Bank and Commerzbank, favours a merger between the two lenders, a German newspaper reported on Tuesday.

Handelsblatt, citing unidentified people familiar with the matter, said Cerberus had initially been against a merger but had changed its mind.

Commerzbank and Deutsche Bank declined to comment. Cerberus was not immediately available for comment.

The U.S. buyout fund owns 3 percent of Deutsche Bank and 5 percent of Commerzbank, making it among the largest shareholders in both companies. It acquired those stakes in 2017.

Cerberus is now backing a merger because it doesn't believe that Deutsche Bank can overhaul its operations on its own, Handelsblatt reported.

The investor also is of the opinion that a merger would allow the two to invest in technology together and save costs in other areas, the report said.

(Reporting by Tom Sims; Editing by Edmund Blair and Mark Potter)

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