Deutsche Bank could be biggest Total shareholder: regulator
Germany's biggest bank, Deutsche Bank, could acquire a stake of up to 9.24 percent in energy giant Total, France's top company by market value, market regulators said on Monday.
Deutsche Bank took its stake in Total to above five percent last Tuesday, a level which must be notified to the bourse, the AMF market regulator said in a statement.
The AMF said the crossing of the five percent threshold -- 123.1 million shares worth 4.89 billion euros -- reflected off-market purchases of shares in Total.
It said Deutsche Bank had informed the AMF that it also held options to buy up to 94 million more shares.
If the options were exercised, Deutsche Bank would then hold 9.24 percent in Total, becoming the single biggest shareholder in the group ahead of the 5.4 percent owned by Belgian billionaire Albert Frere.
According to the 2009 annual report, some 84 percent of the shares were held by other shareholders at the close of that year.
At Monday's closing share price, Total was worth more than 93 billion euros (127 billion dollars).
© 2010 AFP