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Bond Market News
Commerzbank Readies Talks with UniCredit; Looks to Replace CEO
September 19, 2024
Commerzbank is set to appoint its CFO, Bettina Orlopp, to spearhead the discussions with UniCredit during the upcoming supervisory board meeting next week, according to sources. The meeting could initiate exploratory discussions between the two banks. Commerzbank will look to enter the discussions to fulfil its duty to shareholders, although the bank’s management remains opposed to the takeover by the Italian lender, one of the sources added. UniCredit caught the German authorities by surprise when it built a 9% stake in Commerzbank, last week.
Simultaneously, Commerzbank is accelerating its quest for a new CEO following Manfred Knof’s announcement to step down by the close of 2025. January has been suggested as a possible start date for Knof’s successor, although no definitive timeline has been established yet, according to one source.
Commerzbank’s bonds traded stable with its EUR 4.25% Perp at 93.2, yielding 6.8%
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