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UniCredit and Commerzbank are engaged in a potential takeover battle, with UniCredit reporting an 8% rise in net profit to €2.5 billion, while Commerzbank's profit fell 6.2% to €642 million. Commerzbank's CEO expressed openness to discussions about a merger, contingent on a proposal from UniCredit, as the German government remains cautious about the deal.
UniCredit CEO Andrea Orcel has stated that a potential takeover bid for Commerzbank will not happen soon, emphasizing the need for a lengthy process. He aims to persuade key stakeholders, including the government, that a merger would create value.
UBS has maintained a "Neutral" rating for Siemens Healthineers with a target price of 51 euros, noting a solid fourth fiscal quarter but a profit target for 2025 that falls below expectations. In political news, Chancellor Olaf Scholz has dismissed Finance Minister Christian Lindner, marking the end of the traffic light coalition, and plans to call a vote of confidence in the Bundestag on January 15. Market reactions to Donald Trump's election as US President have been significant, with US stocks and Bitcoin surging, while German car shares experienced a decline.
UniCredit SpA has raised its outlook and reported third-quarter net income of €2.51 billion ($2.7 billion), surpassing analyst expectations. Revenue also increased, contrary to predictions of a slight decline, providing a positive momentum for CEO Andrea Orcel as he considers a takeover of Commerzbank AG.
UBS's acquisition of Credit Suisse, initially hailed as a major success, faces challenges from increased capital requirements imposed by Swiss regulators. While the deal could yield a 70% return on investment, adjustments for higher equity capital and potential future regulations may reduce this to around 16%. The ongoing valuation gap between UBS and its competitors highlights investor caution amid restructuring costs and integration risks.
Support for UniCredit's potential takeover of Commerzbank is growing, even in Germany, despite government resistance due to political concerns and upcoming elections. The deal, seen as a national consolidation rather than a cross-border merger, has backing from influential figures like Allianz and Jens Weidmann, indicating a shift in perception.
UniCredit's CEO Andrea Orcel is pursuing a cross-border merger with Commerzbank, aiming to create a major European banking entity. Despite securing a 21% stake, he faces significant political resistance from German leaders and employees, which could hinder the merger's progress. If successful, this move could reshape the European banking landscape and inspire further consolidation efforts.
Commerzbank is seeking additional advice to counter a takeover attempt by Unicredit, with UBS and Goldman Sachs stepping in to provide support. Proposals on defensive strategies are expected to be ready by October, as reported by "Börsen-Zeitung" in Frankfurt.
Andrea Orcel
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