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UniCredit CEO Andrea Orcel said the bank could sell its 26% stake in Commerzbank to a non-EU bank if it received a good offer that shareholders wanted, though he stressed his preference for building a stronger European bank. UniCredit had built up its stake in Commerzbank last September and has been pushing for a tie-up. However, it has faced opposition from the latter and the German government, which owns 12%. Orcel noted that while he doesn’t necessarily want an outside buyer, shareholder interests and market rules would ultimately guide the decision.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 99.89, yielding 5.64%.
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