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HVB scraps dividend amid €2.5bn property charge

S&P warns of credit downgrade as shares jump on takeover talk

HVB Group, Germany's second largest bank, has scrapped its 2004 dividend after taking a €2.5bn ($3.24bn) charge against property portfolios.

Its shares were suspended this morning ahead of a statement to the Frankfurt exchange. When trading resumed, the shares jumped to €18.02, up 1.4% on takeover speculation.

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