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Commerzbank to Begin Talks With UniCredit
September 27, 2024
Commerzbank is set to hold initial talks with UniCredit on Friday, as UniCredit seeks a possible merger. Commerzbank’s CEO, Bettina Orlopp, said that the meeting will involve an exchange of views; however, UniCredit’s CEO Andrea Orcel will not attend. This follows UniCredit acquiring a 9% stake in Commerzbank and expressing interest in increasing its shareholding. UniCredit announced on Monday that it had increased its stake in Commerzbank to around 21% and submitted a request to boost that holding to up to 29.9%. Orlopp emphasized the need to evaluate the potential synergies and risks of any deal. Italy’s Industry Minister Adolfo Urso also endorsed UniCredit’s potential takeover of Commerzbank, calling it a positive move for fostering a banking union in Europe. His comments come amid rising tensions between Berlin and Rome, as German officials oppose the takeover despite advocating for European integration. Commerzbank’s shares rose significantly to their highest level since 2011 after the company announced higher profit goals to strengthen investor support against UniCredit’s advances.
Commerzbank’s bonds traded stable with its € 4.25% Perp at 93.13, yielding 6.84%.
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