“Commerzbank AG (CBK) fell to the lowest price in more than two years in Frankfurt trading as Germany’s second-biggest bank said it plans to raise about 5.3 billion euros ($7.5 billion) selling new shares to help repay state aid.
Commerzbank will offer 2.44 billion new shares at 2.18 euros apiece, the Frankfurt-based lender said yesterday. That’s 45 percent below the stock’s closing price on May 20. Shareholders will be allowed to subscribe to 10 new shares for every 11 already held from May 24 to June 6, and the new shares are expected to trade on June 7. Commerzbank slid 5.2 percent to 3.75 euros at 9:15 a.m. local time, the lowest since March 2009.”
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