Commerzbank Seeks $3.3 Billion in Capital Increase
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Commerzbank AG, Germany’s second-biggest bank, said it will sell 2.5 billion euros ($3.3 billion) of shares to repay the government and insurer Allianz SE. The company slumped the most since November 2011.
Shareholders will be asked to approve a reverse share split on April 19 that will reduce the number of shares to 583 million from 5.83 billion, the Frankfurt-based bank said in an e-mailed statement today.