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Cerberus, which currently holds 1.99% of Germany’s largest bank, wants to sell around 15 million shares, the term sheet showed, equating to around a 0.73% stake, which would cut the U.S. fund’s Deutsche Bank holding to roughly 1.26%.
Cerberus declined to comment.
Based on Tuesday’s closing price, 15 million shares in Deutsche Bank are worth around 216 million euros ($247 million). The bank’s stock is up more than 30% so far this year.
Morgan Stanley (NYSE:MS) is the bookrunner on the sale, which comes after Cerberus sold a stake of around 1% in the bank in January. Sources have told Reuters that further sales were expected.
Cerberus has agreed to a 30-day lock-up in Deutsche Bank, during which it will not sell additional stakes, Morgan Stanley said and the placement is expected to settle on Feb. 11, 2022.
($1 = 0.8755 euros)
