Senator drama at end for Deutsche Bank
EmptyBERLIN -- Deutsche Bank has sold its remaining 1.3 million shares in Berlin-based producer-distributor Senator Entertainment to German corporate consultant Roland Berger and HSW GmbH, the investment group led by Senator Entertainment heads Helge Sasse and Marco Weber, Senator said Monday.
As a result of the deal, HSW now holds a 27.4% stake in Senator. Berger controls 13.25% of the company.
Deutsche Bank's stake stems from 2004, after Senator had filed for insolvency protection. Deutsche Bank, then Senator's main creditor, took majority control of the film company in exchange for forgiving the bulk of its claims.
HSW GmbH purchased the bulk of Deutsche Bank's shares last year, selling some on to Berger.
"With the acquisition of the last of Deutsche Bank's shares, we finally put to rest Senator's insolvency story, which has lasted more than three years," Sasse said in a statement. "We are pleased that in doing so we've received the support of such respected persons as Prof. Roland Berger, who is interested in the long-term development of our company."