Bankers Trust shares tumble $4 as Deutsche Bank denies interest

October 27, 1998|By BLOOMBERG NEWS

NEW YORK -- Shares of Bankers Trust Corp., which acquired Alex. Brown a year ago, fell as much as 9 percent yesterday after Deutsche Bank AG Chief Executive Officer Rolf Breuer denied that Europe's second-largest bank was in discussions to purchase the seventh-biggest U.S. bank holding company.

After falling as low as $61.5625, Bankers Trust closed at $62.875, down $4.

Deutsche Bank is holding discussions with acquisition targets but has not held any talks with BT, Breuer said in an interview with weekly newsmagazine Der Spiegel.

Bankers Trust shares last week rose 30 percent, from $51.375 to $66.875, partly on speculation of a takeover by Deutsche Bank and partly on BT's announcement that it operated profitably in October, after reporting a $488 million loss in the third quarter.

"The price of a merger was built into the share price," said Joan Goodman, a bank analyst at the Pershing division of Donaldson, Lufkin & Jenrette Inc.

Pub Date: 10/27/98

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