Deutsche Bank To Raise $13.3B In Offering

Deutsche Bank DB, Germany's largest bank, will raise $13.3 billion in what will be Europe's biggest rights offering this year to raise fresh capital and to acquire Deutsche Postbank. The bank plans to sell 308.6 million new shares for about $43 a piece, 30 percent less than yesterday's closing price in Frankfurt, according to Bloomberg News. Deutsche is offering almost $33 a share to boost its 29.95 percent stake in Postbank. Deutsche Bank will likely boost its stake in Postbank to about 60 percent if minority shareholders accept the offer, Bloomberg reported. The offering, Deutsche's largest ever, will help the bank meet new capital requirements by the end of 2013.