BERLIN (Reuters) – Commerzbank’s chief executive on Monday rejected calls from the boss of Italian bank Unicredit for a takeover of the German banking group, saying it wanted the latter to remain independent.
Unicredit took a 9% stake in Commerzbank last week, to the surprise of German authorities and Commerzbank management, which is hostile to a takeover.
German government officials and UniCredit held talks after the stake was bought, Reuters reported, in what could be a significant step toward a possible takeover of one of Germany’s largest banks by a foreign rival.
“We are naturally convinced of our own plans,” Manfred Knof told reporters, confirming when asked about it that he still wanted Commerzbank to remain independent.
“We are all working with maximum energy and strength to implement our plan and strategy,” he said, in remarks that were the German bank’s first official response to suggestions of a takeover by Unicredit.
On the Frankfurt Stock Exchange, Commerzbank shares fell by almost 2%.
Earlier on Monday, in an interview with German newspaper Handelsblatt, UniCredit Chief Executive Andrea Orcel said that a merger between UniCredit and Commerzbank could create value for all stakeholders.
He said such a merger could “create a much stronger competitor in the German banking market” by better supporting German retail banking customers and mid-sized companies that play an important role in the eurozone’s largest economy.
“There is very little overlap between the two banks,” observes Andrea Orcel.
“For now, we are only a shareholder. But a merger of the two banks could bring considerable added value to all stakeholders,” he adds.
“The decision is up to Commerzbank’s stakeholders.”
Commerzbank’s board discussed how to maintain the bank’s independence and explored strategies to defend against a potential takeover bid from Unicredit, a source told Reuters.
German rival Deutsche Bank is considering how – or whether – to respond to a potential deal between Commerzbank and Unicredit that would create a major competitor in its domestic market, Bloomberg reported Monday, citing sources familiar with the matter.
(Written by Friederike Heine, Tom Sims, Klaus Lauer and John O’Donnell, Blandine Hénault for the , edited by Augustin Turpin)
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