dresdner bank ag

Commerzbank's purchase of German rival Dresdner Bank AG will cost thousands of jobs, but analysts said Monday it will benefit insurer Allianz SE, which agreed to sell Dresdner over the weekend in a 9.8 billion euros ($14.44 billion) deal.

Shareholders appeared to agree, sending the Munich-based insurer's shares slightly higher in Frankfurt trading on Monday to 114.42 euros ($168.60), or up 0.28 percent.

Commerzbank's purchase of German rival Dresdner Bank AG will cost thousands of jobs, but analysts said Monday it will benefit insurer Allianz SE, which agreed to sell Dresdner over the weekend in a 9.8 billion euros ($14.44 billion) deal.