The long legal battle surrounding the Postbank takeover remains a potentially expensive uncertainty for Deutsche Bank.
The Federal Court of Justice (BGH) still sees open questions that the Cologne Higher Regional Court (OLG) must now clarify in a third attempt.
The presiding judge said on Tuesday in Karlsruhe that his considerations had not withstood the test on all points.
(Az. II ZR 9/21 and others)
Tim Kanning
Editor in Business.
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This offers a new glimmer of hope for investors who were recently defeated at the OLG.
They accuse Deutsche Bank of not paying them enough money for their shares when it took over Postbank.
In October 2010, a voluntary takeover bid of EUR 25 per share was made.
In the opinion of the plaintiffs, however, Deutsche Bank was already in charge of Postbank.
It should therefore have made a mandatory offer at this point in time - at the then significantly higher share price.
It's about 700 million euros
Deutsche Bank was cautious after the decision from Karlsruhe.
"Today, as indicated in the hearing on September 20, the BGH referred the proceedings back to the lower court for further clarification of the facts," said a spokesman for the bank.
"Our legal opinion remains that the lawsuits are unfounded - which the BGH had already confirmed in essential points in September." The bank will continue to represent this opinion before the Cologne Higher Regional Court.
The current decision of the BGH relates to two test cases.
According to Deutsche Bank's annual report, a "significant number of other lawsuits" are pending at the Cologne district court.
Overall, it is therefore about additional claims of almost 700 million euros.