Commerzbank completed the acquisition of comdirect bank for £258m.

Commerzbank, a international commercial bank, completed the acquisition of comdirect bank, by published the offer document relating to the voluntary public acquisition offer for all the outstanding shares for £9.75 ($12.6) per share in cash representing £258m ($334m). Commerzbank already holds around 82% of the shares in comdirect. The other 18% are in free float. The aim is to merge comdirect into Commerzbank so as to draw on comdirect’s strong digital expertise and innovative capability for the benefit of all Group customers in future. The integration will also give comdirect the opportunity to scale up its offering through Commerzbank. Following the merger, Commerzbank and comdirect will initially continue to operate their service offering as before. However, the aim is to merge and expand the offerings of the two banks. The new joint business model still needs to be defined and negotiated with the employee representatives.