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Monday Business | BRIEFLY / FINANCIAL SERVICES

Deutsche Bank, BT Approve Merger

November 30, 1998|Bloomberg News

Deutsche Bank and Bankers Trust Corp. directors approved the $9.5-billion takeover of the eighth-largest U.S. bank. Germany's biggest bank is expected to announce details of its $93-a-share purchase of Bankers Trust today in Frankfurt. The new entity will be the world's biggest financial services company, with assets of $850 billion and businesses ranging from the fourth-largest fund manager to one of the world's biggest securities firms. On Friday, shares of New York-based Bankers Trust rose 81 cents to close at $85.56 on the New York Stock Exchange, and American depositary receipts of Deutsche Bank fell 50 cents to close at $62.75.

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