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Commerzbank has stated it will not enter formal discussions with UniCredit until a specific merger proposal is received. Despite UniCredit's interest, Commerzbank's CEO, Bettina Orlopp, declined an invitation for informal talks, emphasizing the need for a detailed proposal to consider potential negotiations.
Commerzbank has stated it will not engage in formal discussions with UniCredit until a specific proposal is presented. The German bank described UniCredit's interest in a merger as "hostile" and noted that there have been no discussions in the past two years, despite UniCredit's claims. Additionally, UniCredit is awaiting ECB approval for its 28% stake in Commerzbank, which has drawn criticism from the German government.
Commerzbank has stated it will not engage in formal discussions with UniCredit until a specific proposal is presented. CEO Bettina Orlopp declined an invitation for informal talks, emphasizing that only a detailed proposal regarding economic and structural terms could initiate potential negotiations.
Commerzbank has stated it will not engage in formal discussions with UniCredit until a specific merger proposal is presented. CEO Bettina Orlopp declined an invitation for informal talks, emphasizing that only a detailed proposal regarding economic and structural terms could initiate potential negotiations.
Commerzbank's CEO Bettina Orlopp declined UniCredit's Andrea Orcel's invitation for informal talks on a potential merger, insisting on a written proposal first. Orcel's previous discussions included plans for job cuts and headquarters location, but Commerzbank criticized UniCredit's stake acquisition as hostile, complicating negotiations amid upcoming German elections.
Commerzbank AG has labeled UniCredit SpA's approach as "hostile," escalating tensions amid ongoing discussions about a potential takeover. Commerzbank's CEO Bettina Orlopp emphasized the bank's openness to dialogue, contingent on receiving a formal proposal, while UniCredit has increased its stake to about 28% without prior talks. The situation has drawn criticism from the German government, highlighting the complexities of the unfolding scenario.
Andrea Orcel, CEO of UniCredit, is pursuing a €10 billion bid for Banco BPM while his plans for Commerzbank remain on hold. This strategic move focuses on consolidating within Italy, where banking profitability is higher, though Orcel may need to raise his offer. Meanwhile, Commerzbank's CEO, Bettina Orlopp, has the opportunity to strengthen her case for the bank's independent growth.
Commerzbank CEO Bettina Orlopp is considering seeking approval for a payout ratio exceeding 100% of profits as a strategy to fend off a potential takeover by UniCredit. She emphasized plans for excess capital deployment through bolt-on acquisitions, organic growth, and increased investor distributions, contingent on favorable capital metrics.
Unicredit's attempt to acquire Commerzbank faces significant hurdles, including strong opposition from Commerzbank's management and the German government, which holds a 12% stake. Despite Unicredit's strategic plans to increase its stake, the political climate and management strategies may thwart the deal, emphasizing the importance of maintaining independence.
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.
Bettina Orlopp
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