ots Ad hoc-Service: Direkt Anlage Bank AG <DE0005072300> DAB and Self Trade to create European e-brokeraqe leader
Munich /Paris (ots Ad hoc-Service) -
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The Boards of Direkt Anlage Bank AG, Munich, (DAB, Ticker: DRNG.DE, WKN 507230) and Self Trade S.A., Paris, (Ticker: SELF.LN) have announced the creation of a leading pan-European e-brokerage group. With almost 325,000 customers and EUR 12.5 bn of assets under management on a pro forma basis as of 30 June 2000, the combination of DAB and Self Trade creates a market leader in Europe (3 by number of accounts) with leading positions in the largest online brokerage markets Germany (1 by customer assets, 3 by number of accounts) and France (3 by number of accounts). The new group will also have online operations in Italy, Spain, Switzerland and the UK and therefore will cover 82% of the European population.
Core shareholders, holding 68 % of Self Trade's issued share capital, have entered into a contribution agreement to contribute their shares to DAB on the basis of 1 new DAB-share for every 4 Self Trade shares. A share exchange Offer at the same exchange ratio will be made to all other shareholders, subject to the approval of the French stock exchange authorities.
Both the contribution agreement and the Offer are subject to the approval of the French banking authorities and to the vote of DAB'S shareholders, which is expected to take place in November 2000. It is expected that the Offer will be made shortly thereafter with closing in December 2000. HypoVereinsbank, DABs majority shareholder, has already committed to vote in favour of the capital increases relating to the Offer and the contribution agreement. Following completion, DAB will seek a listing of its shares on the Paris Bourse.
On The basis of DAB'S closing share price of EUR 62 on September 12th, the Offer values Self Trade on a fully diluted basis at EUR 911million.
Within the enlarged group, Matthias Kröner will be responsible for business-to-customer activities in the German speaking areas and Roland Folz will focus on IR and the group business-to-business activities. On completion, Charles Beigbeder, Chief Executive Officer of Self Trade, will become a member of DABs "Vorstand", with a particular focus on the international business-to-customer activities.
DAB is being advised by Schroder Salomon Smith Barney and Self Trade by Rothschild and Sal. Oppenheim jr.
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Original content of: DAB BNP PARIBAS, transmitted by news aktuell