Institutional Restructuring Unit (IRU) of Dresdner Bank sells its entire 25% shareholding in Telecinco

Institutional Restructuring Unit (IRU) of Dresdner Bank sells its entire 25% shareholding in Telecinco

The Institutional Restructuring Unit (IRU) of Dresdner Bank has sold its entire 25% shareholding in the leading Spanish free-to-air broadcaster Telecinco, incl. a 4.5% green shoe option. The shares were placed as part of the company’s IPO. The price per share was fixed at the top end of the price range at €10.15, valuing Telecinco at €2.5 billion and Dresdner Bank's stake at €625 million.

Originally, the shareholding in Telecinco served as collateral for a loan of Dresdner Bank to German Kirch Group. Following the insolvency of Kirch Group, Dresdner Bank acquired the stake in the course of the enforcement of such security interest.

Dresdner Kleinwort Wasserstein acted as Joint Global Coordinator and Joint Bookrunner in the IPO.

IRU is managing the Bank’s non-strategic assets. Since the beginning of 2003, the IRU has reduced the non-strategic asset portfolio of Dresdner Bank of €36 billion by nearly €20 billion (as of March 2004).

Contact:
Clas Röhl Tel. +49 (0)69 263–52947
Katerina Piro Tel. +49 (0)69 263–81774

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development