Commerzbank's designated CEO, Bettina Orlopp, said on Thursday that the bank will hold a first round of talks with UniCredit on Friday as the Italian lender presses for a possible tie-up.
Credit rating agency S&P Global said it saw risks that Commerzbank's creditworthiness could come under pressure if Italian bank UniCredit succeeded in its takeover attempt.
Commerzbank's supervisory and management boards have confirmed the bank's current strategy of independence, the lender said on Thursday, as Italy's UniCredit presses for a possible tie-up.
Russ Mould, AJ Bell's investment director, discusses a potential UniCredit bid on German lender Commerzbank.
Thomas Schweppe, the founder of 7Square and former Goldman Sachs M&A banker, discusses a potential Commerzbank and UniCredit merger and Commerzbank's proposed new CEO Bettina Orlopp.
European banking's latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc's incomplete banking union Italy's UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to become the biggest investor in Germany's second-largest lender with a 21% stake.
National governments should refrain from intervening as UniCredit seeks a potential tie-up with Commerzbank if Europe is to move towards closer integration, the author of a recent report on the single European market told Reuters on Wednesday.
Philip Richards, Bloomberg Intelligence Senior Analyst for European Banks, joins Bloomberg Intelligence to discuss Commerzbank, UniCredit latest and what this will mean for the future of European banking.
Six European Central Bank policymakers told Reuters they were broadly in favour of a tie-up between Italy's UniCredit and Germany's Commerzbank and viewed Berlin's opposition to a deal as running against the principle of European integration.
Commerzbank on Tuesday announced its current Chief Financial Officer Bettina Orlopp will soon become chief executive of the embattled German bank. The lender is facing tumultuous times as it seeks to fend off a potential takeover from Italian bank UniCredit.
The German government has ruled out increasing its stake in Commerzbank again in the takeover dispute with Italy's Unicredit during a meeting of the parliamentary finance committee, lawmaker Michael Schrodi said on Wednesday.
Hostile takeovers harbour great risks, German finance ministry state secretary Florian Toncar said on Wednesday about UniCredit's stake-building in Commerzbank.