Deutsche Bank to Sell Shares to Finance Deal

Deutsche Bank said it will sell shares worth $2.3 billion as well as bonds and draw on its available cash to fund its $10.1-billion acquisition of Bankers Trust Corp. Deutsche Bank’s supervisory board and Bankers Trust’s board of directors approved the takeover, which will create the world’s biggest financial services company, with $850 billion in assets. The new firm--to be called Deutsche Bankers Trust--forms one of the world’s biggest securities firms and the world’s fourth-largest fund manager. Deutsche Bank confirmed it will pay $93 per share to acquire all outstanding common stock of Bankers Trust. Aside from the capital increase, Europe’s second-biggest bank will use available cash and other instruments such as profit-sharing certificates, bonds and convertible bonds. American depositary receipts of Deutsche fell 50 cents to close at $62.25; BT shares rose $1.44 to close at $87 on the NYSE.