▷ No more damage, comment on financial investor Cerberus by Bernd Neubacher


11.01.2022 – 20:30

Stock exchanges newspaper

Frankfurt (ots)

Cerberus is committed to flexibility as one of five principles. The US investment company has indeed proven its agility with its entry into the exit from its commitments at Commerzbank and Deutsche Bank. In mid-September, a few days before the federal elections, it was still spread that Cerberus Germany boss David Knower had shown himself ready “in confidential talks” to examine the acquisition of the state stake in Commerzbank under the new federal government.

Whoever brought this up: It wasn’t to the detriment of Cerberus – Commerzbank shares have risen by almost 50 percent since then. However, this bull market can at best limit the losses suffered by the financial investor. No more damage is the motto. The first sales on Tuesday night should result in a loss of between 150 million and 170 million euros. According to Reuters, both share packages are worth 450 million euros less than they were when they joined four years ago – in which, in view of a boom in private equity, some Cerberus customers may have raised the question of whether the “greatest power in the German banking sector”, according to the press your bets are correct.

You shouldn’t believe everything that goes around, especially in the election campaign. Just because the FDP has campaigned for the federal government to withdraw from Commerzbank, Finance Minister Christian Lindner will not want to realize billions in book losses after taking office. His predecessor, to whom this would also fall back, is after all Federal Chancellor. Cerberus’ calculation of leveraging cost synergies in a merger of the major banks and acquiring lucrative restructuring mandates had already come to an end when the banks shelved corresponding plans in 2019.

From a Berlin perspective, the bill looks significantly cheaper. After all, the commitment of the US financial investor was good to lead a revolt of the Commerzbank shareholders in the year before last and to install a leadership that redeveloped the house more resolutely. No, it doesn’t have to be rated as a seal of approval for Germany’s banking sector when an experienced financial investor puts down his arms there. It can also be seen as just an example of a failed bet. At the end of this, the popularly reviled federal policy is at least no more stupid than a $ 55 billion financial investor who claims to “work out an advantage for his investors and business partners worldwide”.

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