Commerzbank has accelerated the takeover of rival Dresdner Bank in return for a bigger cash payment to Allianz, the owner.

The revised deal reduces the equity stake that Allianz was due to receive in Commerzbank, whose shares have plummeted in value as the financial crisis has worsened. The new terms also mean Commerzbank – which this month received an €8.2bn capital injection from the government – will avoid having to dilute shareholders’ interests by issuing more shares.