Allianz/Postbank: Three’s a crowd

It’s easier to talk than deliver – as Germany’s Allianz and Commerzbank may be about to discover. The German banks are discussing a possible joint bid for Deutsche Postbank to create a new E30bn-plus banking giant. History suggests such a complex tie-up, however worthy on paper, will be fiendishly difficult to secure in reality. Sure, there are big incentives to getting the deal done. For Allianz, in particular, a deal would spare it the embarrassment of selling its Dresdner banking division at...