FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Josef Ackermann thinks difficult market conditions have made it harder for banks to do large acquisitions, he said in a New York Times interview published on Friday.
While he would not comment directly on a possible takeover bid for Deutsche Postbank (DPBGn.DE: Quote, Profile, Research, Stock Buzz), Germany's largest retail bank, the newspaper said he seemed to signal that this was unlikely.
“The current environment is not particularly intriguing. It's more challenging to make a deal and explain it to our shareholders,” he was quoted as saying.
Deutsche Bank on Thursday reiterated it was interested in principle in takeovers but would not do deals at any price. It lost out to French bank Credit Mutuel, for instance, in the contest to buy Citigroup's (C.N: Quote, Profile, Research, Stock Buzz) German retail banking business.
Sources familiar with the situation say Deutsche Bank is among the interested parties along with Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz) and ING (ING.AS: Quote, Profile, Research, Stock Buzz).
One main issue is the valuation of Postbank, whose market capitalization has fallen to around 7.6 billion euros. This is well below the sale price above 10 billion euros that the sources say had been floated just a few weeks ago.
(Reporting by Jonathan Gould and Philipp Halstrick)