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Shares in Germany’s biggest lender Deutsche Bank jumped Wednesday as investors reacted to a news report that offered renewed hope of a merger with rival Commerzbank.
The stock soared 5.9 percent in late trading in Frankfurt to 7.87 euros ($8.95), having hit 7.91 earlier in the afternoon – making it the second-best performer in the DAX index of blue-chip firms.
Commerzbank shares also surged on the MDAX index of smaller German companies.
Bloomberg News had earlier reported high-level discussions were taking place between Deutsche and the German federal government, citing people familiar with the matter.
The meetings, including between Deutsche chief executive Christian Sewing and Finance Minister Olaf Scholz, covered ways the government could help with a potential merger up to and including changing laws, the people said.
Both the finance ministry and Deutsche Bank declined to comment when contacted by AFP.
After years of costly scandals and a fall in the share price of more than 50 percent since January, Sewing has repeatedly said Deutsche must become healthy on its own before looking for big merger targets.