Commerzbank AG (CRZBY)

[mlkrborn]

Link doesnt work. Will repost same news :
R/S took place in Germany first and ADRS were adjusted by the same ratio: 1 for 10.
April 23, 2013, 7:08 a.m. EDT
Commerzbank carries out reverse stock split
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By Ulrike Dauer

FRANKFURT--Commerzbank AG said Tuesday it carried out a reverse 1-for-10 stock split, consolidating its shares ahead of a planned capital raising.

As a result, the outstanding shares were reduced to around 583 million shares from 5.83 billion shares with the price multiplied by 10.

The share consolidation has been registered with the German commercial register and the shares received a new securities identification number, under which they will be traded from April 24 onward.

The reverse stock split, first announced in March, is part of a EUR2.5 billion capital increase Germany's second largest listed bank by market value will carry out between mid-May and early June, as it looks to bolster its balance sheet and take another bold step to reduce government involvement in the bank.

The capital increase, which will include subscription rights for current shareholders, and the reverse stock split were approved by the annual general meeting April 19.

Commerzbank said in March the move will allow it to fully repay the remaining EUR1.6 billion in non-voting shares, known as "silent participation," still held by the German government's SoFFin financial markets stabilization fund and the EUR750 million in non-voting shares held by Allianz SE (ALV.XE).

After the completion of the capital increase, SoFFin's 25% shareholding in Commerzbank, which it held in addition to the non-voting shares, is expected to decrease to below 20%.

The bank has said the repayment "marks the beginning of the end of the Federal Republic's engagement in Commerzbank."

The bank will also be able to resume dividend payments in the future, it said.

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