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DRESDNER TO BUY WASSERSTEIN

Dresdner Bank plans to buy the U.S. investment bank Wasserstein Perella Group Inc. for about $1.37 billion in stock.

The deal disclosed today is the latest in a series of trans-Atlantic matchups involving European and U.S. financial firms.

Wasserstein Perella will be merged with Dresdner Bank's investment banking unit Dresdner Kleinwort Benson under the new brand of Dresdner Kleinwort Wasserstein, Dresdner Bank's executive board said.

The move, subject to approval by Dresdner's supervisory board, will strengthen the bank's investment banking activities particularly in the area of merger-and-acquisition advisory services.

Shareholders of Wasserstein Perella will receive 30.5 million new Dresdner Bank ordinary shares from authorized capital, subject to adjustment depending on Wasserstein's closing balance sheet. At recent prices, this corresponds to a purchase price of approximately $1.369 billion, Dresdner said.

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