Deutsche Bank acquires 6.5% of Flamingo International

Lender Deutsche Bank and the investment funds it controls have acquired some 6.5 percent of household appliance and IT product retailer Flamingo International, the third-largest on the local market.

The deal was made on the Bucharest Stock Exchange (BVB), where Flamingo is listed, and is the first significant acquisition by the largest German bank in a local listed company. The 6.5 percent stock is worth €2.7 million on the stock market.

The purchase was made by Deutsche Bank and its Poland-based investment division, DWS Polska TFI. Most of the shares were acquired from U.S. investment fund QVT, one of Flamingo's main shareholders.

Representatives of the two companies did not provide details before the closing of this edition.

Flamingo posted €95 million in sales in the first quarter of 2008, with market capitalization at €41 million.

Business Standard