IVG Immobilien AG, once Germany’s biggest property company, will be handed over to its creditors after lenders approved a plan to restructure 3.2 billion euros ($4.4 billion) of debt to prevent IVG from becoming insolvent.
LEG Immobilien AG, which completed the largest initial public offering for a German property company yesterday, unchanged on its first day of trading as analysts questioned whether its homes will grow in value.
Greece reached an agreement with its private creditors to secure the biggest sovereign restructuring in history, paving the way for a second bailout of the debt- ridden nation and averting an economic collapse.
The biggest U.S. banks captured the highest share of global trading revenue in at least two years as their counterparts across the Atlantic reduced risk in the fourth quarter amid a worsening sovereign-debt crisis.
Patrizia Immobilien AG agreed to buy Bayerische Landesbank’s GBW AG unit in a transaction that values the residential landlord at 2.5 billion euros ($3.3 billion) including debt. The deal would be the largest in Germany’s property market in five years.
Anshu Jain, who heads Deutsche Bank AG’s corporate and investment bank, is promoting bankers from his division as he prepares to become co-chief executive officer, according to a person familiar with the matter.
Gagfah SA, Germany’s second-largest property company by market value, rose to the highest in more than four years after Manager Magazin reported that the company may receive a takeover offer from larger competitor Deutsche Wohnen AG.
European bank stocks slumped the most in more than two months after Greek Prime Minister George Papandreou called a referendum and a parliamentary confidence vote, potentially derailing bailout efforts.
European banking stocks fell to the lowest since January as Greece’s political parties failed to form a coalition government, stoking concern other states won’t implement austerity pledges to combat the region’s debt crisis.