Deutsche eyes 49.9 percent share
(31 March 2010 – New Zealand) Deutsche New Zealand Limited has announced a proposal to acquire a 49.9 percent share in Craigs Investment Partners Limited (CIP), only one year after management bought back the business from Dutch bank ABN Amro.
Craigs Investment Partners was formerly known as ABN Amro Craigs; the investment firm’s staff bought out the 50 percent stake that was previously held by ABN Amro last April, which was in turn owned by Royal Bank of Scotland.
This new strategic alliance will see Craigs Investment Partners, one of the largest private wealth and investment management firms in New Zealand remain a stand-alone business, aligned with Deutsche Bank’s leading global investment banking platform.
Craigs Investment Partners executive chairman, Neil Craig said that Craigs Investment Partners Board is unanimous in its recommendation to the firm’s shareholders to approve this transaction.
This proposal is a result of a significant period of dialogue and due diligence. In developing this proposal, the board carefully considered its requirements and believes Deutsche Bank is the strongest global ally for CIP, Craigs is delighted to align with such a global powerhouse.
Existing Craigs Investment Partners shareholders will continue to hold 50.1 percent of the company with six existing directors continuing on the Craigs Board, including Neil Craig who will continue as executive chairman, alongside six representatives from Deutsche Bank Australia and New Zealand Limited.
Deutsche Bank’s Australasian equities business has consistently grown in strength in recent years and is currently ranked third by ASX market share and third for underwritten Australasian equity capital markets transactions for 2009.
Brett Shepherd, Deutsche Bank’s New Zealand CEO said that the proposal is an exciting opportunity for both parties and their respective clients.
Deutsche Bank will gain access to a significant retail and wholesale equities presence in New Zealand, and position both Craigs and Deutsche to capitalise on the growth in the New Zealand capital markets over the next decade, Mr Shepherd added.
The proposal is intended to be implemented by a scheme of arrangement and is conditional on, amongst other things, Craigs Investment Partner’s shareholder approval and obtaining all necessary regulatory and court approvals. It is intended that shareholders will be asked to vote on the proposal at a meeting in May 2010.
This new strategic alliance will see Craigs Investment Partners, one of the largest private wealth and investment management firms in New Zealand remain a stand-alone business, aligned with Deutsche Bank’s leading global investment banking platform.
Craigs Investment Partners executive chairman, Neil Craig said that Craigs Investment Partners Board is unanimous in its recommendation to the firm’s shareholders to approve this transaction.
This proposal is a result of a significant period of dialogue and due diligence. In developing this proposal, the board carefully considered its requirements and believes Deutsche Bank is the strongest global ally for CIP, Craigs is delighted to align with such a global powerhouse.
Existing Craigs Investment Partners shareholders will continue to hold 50.1 percent of the company with six existing directors continuing on the Craigs Board, including Neil Craig who will continue as executive chairman, alongside six representatives from Deutsche Bank Australia and New Zealand Limited.
Deutsche Bank’s Australasian equities business has consistently grown in strength in recent years and is currently ranked third by ASX market share and third for underwritten Australasian equity capital markets transactions for 2009.
Brett Shepherd, Deutsche Bank’s New Zealand CEO said that the proposal is an exciting opportunity for both parties and their respective clients.
Deutsche Bank will gain access to a significant retail and wholesale equities presence in New Zealand, and position both Craigs and Deutsche to capitalise on the growth in the New Zealand capital markets over the next decade, Mr Shepherd added.
The proposal is intended to be implemented by a scheme of arrangement and is conditional on, amongst other things, Craigs Investment Partner’s shareholder approval and obtaining all necessary regulatory and court approvals. It is intended that shareholders will be asked to vote on the proposal at a meeting in May 2010.
Subscribe