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. Last Updated: 07/27/2016

Bank Merger Talks Off

FRANKFURT, Germany -- Commerzbank AG and Dresdner Bank AG have called off their merger talks, marking the second major setback to German bank consolidation this year after the breakdown of talks between Dresdner and Deutsche Bank AG in April.

The banks said they were unable in four weeks of talks to agree on a deal that suited the interests of all parties. A banking source said the banks failed to agree on how much they were worth and how the assets of their fund management businesses should be divided.

The announcement confirmed market speculation Wednesday that pushed Dresdner shares down 5 percent before shares in both banks were suspended.