The Los Angeles Post
U.S. World Business Lifestyle
Today: April 23, 2025
Today: April 23, 2025

Commerzbank hasn't talked with UniCredit after ECB approval for stake

FILE PHOTO: Germany's Commerzbank holds annual press conference, in Frankfurt
March 20, 2025
Tom Sims - Reuters

By Tom Sims

FRANKFURT (Reuters) -Germany's Commerzbank hasn't had talks with UniCredit since the Italian lender last week got approval from the European Central Bank for taking a stake of just under 30%, Commerzbank CEO Bettina Orlopp said on Thursday.

Chief Executive Officer Orlopp said that the banks had talked in an investor meeting after the bank's capital markets day it held in February.

Last week, UniCredit announced the ECB had given it the green light to buy up to 29.9% of Commerzbank but that it would likely wait before deciding whether to pursue a full takeover.

Commerzbank's shares, which had nearly doubled since UniCredit said it was acquiring its stake, fell 5.6% in late morning Frankfurt trade.

Orlopp, asked on Thursday at a financial conference organised by Morgan Stanley if she had had conversations with UniCredit since the ECB approval, said "No."

She said the UniCredit meeting after the bank's capital markets day, which was held on February 13, was "purely an investor meeting".

She said she was focused on Commerzbank's own standalone strategy but would take a look at any "very good idea about a potential combination."

In last week's announcement on the ECB approval, UniCredit said it would likely wait until next year before deciding whether to make an offer for Commerzbank.

On Wednesday, UniCredit's CEO, Andrea Orcel, said the bank may need even longer to decide, perhaps waiting until 2027.

(Reporting by Tom SimsEditing by Ludwig Burger, Madeline Chambers and Louise Heavens)

Related Articles

Huntington's Q1 profit rises as Fed rate cuts temper deposit costs Huntington's Q1 profit rises as Fed rate cuts temper deposit costs CEO of Singapore's DBS tells businesses to 'buckle up' for tariff uncertainty CEO of Singapore's DBS tells businesses to 'buckle up' for tariff uncertainty
Share This

Popular

Arts|Business|Education|Entertainment

Ryan Fleur is promoted to president of the Philadelphia Orchestra

Ryan Fleur is promoted to president of the Philadelphia Orchestra
Business|Entertainment|Political|US

Jake Tapper breaks down the significance of '60 Minutes' executive producer's resignation

Jake Tapper breaks down the significance of '60 Minutes' executive producer's resignation
Business|Economy|Technology

Hear what Musk told Tesla investors about his DOGE role going forward

Hear what Musk told Tesla investors about his DOGE role going forward
Business|Health|Science|Technology|US

Novavax says its COVID-19 shot is on track for full FDA approval after delay

Novavax says its COVID-19 shot is on track for full FDA approval after delay

Economy

Business|Economy|Political|US

Trump was warned of empty shelves and financial turmoil from tariffs and firing Powell. His U-turn has stocks roaring higher

Trump was warned of empty shelves and financial turmoil from tariffs and firing Powell. His U-turn has stocks roaring higher
Business|Economy|Health|Science|Technology|World

Trump administration pauses new mine safety regulation โˆ’ hereโ€™s how those rules benefit companies as well as workers

Trump administration pauses new mine safety regulation โˆ’ hereโ€™s how those rules benefit companies as well as workers
Business|Economy|Technology|US|World

Americaโ€™s biggest exporter was already on the ropes. Then came tariffs

Americaโ€™s biggest exporter was already on the ropes. Then came tariffs
Business|Economy|Finance|Stock Markets|US

Norfolk Southern's derailment insurance payments provide boost but even without that profits were up

Norfolk Southern's derailment insurance payments provide boost but even without that profits were up