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Report: Germany looking to sell Commerzbank stake for €3.5B after election

Germany may start looking into the potential sale of its 15.6% stake in Commerzbank AG after the general election on Sept. 24 and will be seeking proceeds of around €3.5 billion, WirtschaftsWoche reported Aug. 4, citing unnamed insiders.

The topic will be on the post-election agenda, and the sale may happen much faster than many expect, the business magazine said, quoting "a number of insiders familiar with the deliberations."

The state's holding in Commerzbank is the result of state aid provided to the lender by Germany's Federal Agency for Financial Market Stabilization, or Soffin, at the beginning of 2009. The valuation of the acquired Commerzbank shares by Soffin at the time stood at around €5 billion, compared to just around €2 billion now, according to WirtschaftsWoche.