Hypo Real Estate Holdings has agreed to buy Dublin-based Depfa Bank for €5.7bn (£3.8bn).

The Times

Hypo offered €6.80 a share and 0.189 new Hypo Real Estate shares for each Depfa share, valuing each share of Depfa at €16.14, a 17% premium on Friday's closing price. The offer came after positive second-quarter earnings increased to €112m, compared with €95m previously.