Deutsche Bank To Buy Sal. Oppenheim For €1B

Law360, New York (October 28, 2009, 7:25 PM EDT) -- Deutsche Bank AG will acquire Luxembourg-based private banking group Sal. Oppenheim jr. & Cie. SCA for €1 billion ($1.47 billion), the global investment bank said Wednesday.

Sal. Oppenheim and Deutsche Bank have signed a framework deal that will allow for the acquisition of 100 percent of the banking group, according to a statement on Deutsche Bank's Web site.

Under the deal, Sal. Oppenheim's shareholders will have the option to hold long-term shares in as much as 20 percent of Sal. Oppenheim's Cologne, Germany-based subsidiary, Sal. Oppenheim...
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