Donaldson, Lufkin & Jenrette (DLJ) has been appointed by the German investment fund Cobra to sell its 17% stake in Commerzbank. Cobra faces pressure from its investors to sell the stake.

Cobra is critical of Commerzbank's decision to allow the Italian insurance group Generali to double its stake in the bank and argues the bank should find a strong partner. 'We're worried Commerzbank is acting against the interests of its shareholders,' Cobra says in a statement. Commerzbank is busy trying to protect against a hostile bid by strengthening certain well-disposed shareholders.