Frankfurt - Commerzbank AG's shares surged Friday after Germany's second-biggest bank said it was fast-forwarding its bid for rival Dresdner Bank as a result of the more favourable terms for the purchase created by the world financial crisis.

Frankfurt-based Commerzbank said that it was planning to wind up its takeover about six months ahead of time with the financial crisis resulting in the offer for Dresdner being cut to 5.1 billion euros (6.6 billion dollars) from a previous 9.8 billion euros.

The turmoil in global markets has meant banking shares have plunged since Commerzbank announced it had reached a deal with Dresdner from the giant German insurer Allianz AG.

"In the current situation on the financial markets an accelerated takeover of Dresdner by Commerzbank is to the advantage of all parties," said Allianz chief Michael Diekmann.

Commerzbank had originally planned to purchase Dresdner in two steps, acquiring a 60 per cent stake in January and the remaining 40 per cent later in the year. Now it plans to wind up the deal in January.

"We are accelerating the takeover and ensuring a fast integration," said Commerzbank chief Martin Blessing.

The new agreement between Commerzbank and Allianz to bring forward the Dresdner takeover resulted in both Commerzbank and Allianz shares jumping in early trading Friday.

While Commerzbank's shares rose 6 per cent to 7.29 euros, Allianz stock gained 5.5 per cent to 63.00 euros. (dpa)