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LONDON-Commerzbank has revealed its euro 4.6-billion ($5.4-billion) takeover of Europe’s biggest lending bank, Eurohypo AG, which it had owned jointly with Deutsche Bank AG and Dresdner Bank AG. Commerzbank officials say they sold 57.7 million shares to institutional investors on Thursday, raising euro 1.36 billion ($1.6 billion) to help pay for the purchase. A statement added that the firm would buy a stake of 17.2% in December and the remaining 49% in March to give it a 98% holding of Eurohypo’s equity.

Eurohypo supplies loans for commercial property and retail developments as well as public works such as new roads. It was formed in 2002 with the merger of subsidiaries of Dresdner, Deutsche and Commerzbank.

Eurohypo CEO Bernd Knobloch said in a statement that he will remain in his position following the bank’s takeover, and Commerzbank chief executive Klaus-Peter Mueller added that the bank does not plan to list Eurohypo on the stock exchange.

Earlier this year, Eurohypo released figures stating that new issues of commercial mortgage-backed securities have nearly tripled over the past three years. Germany has led the European market because of changes in the legislation and the entry to the market of powerful and financially sophisticated overseas investors.

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