Dresdner Kleinwort Wasserstein (DrKW) stands to gain in the battle to restructure Kirch Gruppe, the German media group, as the bank is sole financial adviser to publishing group Axel Springer, in which Kirch holds a 40% stake.

This could raise concerns over the possibility that Dresdner Bank, DrKW's parent, is considering making an offer for Kirch's Axel Springer stake, as reported in Germany's Frankfurter Allgemeine Zeitung.