Shares in IKB Deutsche Industriebank plunged 18% to a record low this morning, after the troubled German lender asked its shareholders to approve a â¬1.5bn ($2.2bn) share sale as part of a rescue package put together by Government and private sector banks last week.
German finance minister Peer Steinbrück last week said the Government would inject up to â¬1.2bn into a rescue plan for IKB. Private sector banks, through the Association of German Banks, have agreed to contribute â¬300m.
