West German and French authorities have cleared Dresdner Bank AG's takeover of a majority stake in Banque Internationale de Placement (BIP), Dresdner Bank said. 

The approval, which had been expected, permits West Germany's second-largest bank to acquire shares of the French investment bank. 

In a first step, Dresdner Bank will buy 32.99% of BIP for 1,015 French francs ($162) a share, or 528 million francs ($84.7 million).
Dresdner Bank said it will also buy all shares tendered by shareholders on the Paris Stock Exchange at the same price from today through Nov. 17.
In addition, the bank has an option to buy a 30.84% stake in BIP from Societe Generale after Jan. 1, 1990 at 1,015 francs a share.