Deutsche Bank cuts stake in satellite operator SES Global

FRANKFURT (AFP) Sep 03, 2003
Deutsche Bank, the biggest bank in Germany, said Wednesday it had cut its stake in the Luxembourg-based satellite operator SES Global to 2.0 percent from 4.7 percent previously.

Deutsche Bank said it sold 15.87 million shares, equivalent to a stake of 2.7 percent, to institutional investors for an undisclosed sum.

Based on the price of SES Global shares on Wednesday, the transaction was worth around 100 million euros (108 million dollars).

The transaction was "another step in our strategy of divesting non-core holdings," said Axel Wieandt, Deutsche Bank's global head of corporate investments.

SES Global, with its SES Americom and SES Astra units, said it is the world leader in global satellite communications.

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