In total, approximately 54 million Allfunds shares will be sold to institutional investors through an accelerated bookbuilding. The value of the investment was around 380 million euros at the latest. Upon completion of the transaction, CS will no longer own any shares in Allfunds. The move is no surprise. There was already speculation in the media about a possible sale.
The troubled big bank wants to lift the curtain on its strategic restructuring next week (October 27). According to the never-ending rumors, layoffs and high capital requirements are speculated as the sale of all business divisions of the company is discussed. Nothing very concrete has happened so far: only the planned sale of Hotel Savoy and now the sale to Allfunds have been confirmed. (SDA/smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
