By Tom Sims and Christoph Steitz
FRANKFURT – Cerberus placed 15 million shares in Deutsche Bank, a term sheet from the investment bank running the sale showed on Tuesday, making it the second time within a month that the U.S. investment fund sold shares in Germany’s largest lender.
The latest sale by Cerberus, which currently holds 1.99% in Deutsche Bank, equates to a stake of around 0.73% and would cut the fund’s holding to roughly 1.26%.
Morgan Stanley, the bookrunner, said Cerberus’ shares were successfully placed with institutional investors at 14.15 euros per share, a discount of 1.6% to Tuesday’s closing price and resulting in proceeds of about 212 million euros ($242 million).
The bank’s stock is up more than 30% so far this year.
The sale 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 = 0.8758 euros)
(Reporting by Tom Sims and Christoph Steitz. Editing by Jane Merriman)