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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Commerzbank shareholders approve government stake AFP - Sunday, May 17 BERLIN (AFP) - - Commerzbank shareholders on Saturday approved the German government's acquisition of more than 25 percent of the country's second-largest bank in connection with state aid, the bank said. ADVERTISEMENT The government has injected more than 18 billion euros (24 billion dollars) into Commerzbank and its entry into the bank's capital was adopted almost unanimously, the company said in a statement. A two-thirds vote was required for the 25 percent plus one share stake. The bank would issue 295 million new shares at a price of six euros per share, the statement said. The new shares would be acquired by the Financial Market Stabilisation Fund (SoFFin) -- the government's rescue fund -- at issue price, said the statement. Now "Commerzbank is weatherproof and will implement its new strategy without delay," said Commerzbank's chairman Martin Blessing. Earlier this month, Commerzbank reported a sharp quarterly loss because of the financial crisis and its purchase of Dresdner Bank, but said it would recover by 2011 without more state aid. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo The headquarters of Germany's Commerzbank in Frankfurt/Main, western Germany. Commerzbank shareholders on Saturday approved the German government's acquisition of more than 25 percent of the country's second-largest bank in connection with state aid, the bank said. Most Popular – Top Stories Viewed Popular cereal is a drug, US food watchdog says Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape EU fines Intel record 1.06 billion euros View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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