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Commerzbank's CEO Bettina Orlopp told employees on Friday that talks with Italy's UniCredit only made sense once the Italian bank provided it with key points it had in mind for a deal, according to a transcript of a video message seen by Reuters.
Commerzbank AG (CRZBY) M&A Call Transcript
Andrea Orcel's comments leave the door open to UniCredit revising the terms of its takeover offer if the banks can agree on a common plan.
BNP Paribas is shunning major cross-border acquisitions, opting instead for smaller and less-complicated deals, said the French bank's Germany head, Lutz Diederichs.
UniCredit Chief Executive Andrea Orcel said on Wednesday there was a "remote" possibility the Italian bank would improve the terms of its bid for Commerzbank based on the outcome of their discussions.
The premier of the German state of Hesse on Tuesday called on Italy's UniCredit to submit a concrete offer for the German lender Commerzbank and to clarify its objectives.
Commerzbank AG (CRZBY) Presents at European Financials Conference 2026 Transcript
Commerzbank CEO Bettina Orlopp said on Tuesday that an offer by Italy's UniCredit to buy its shares was at a very low price, underscoring the German lender's long-held reluctance about any takeover deal.
UniCredit made a low-ball unsolicited bid for Commerzbank on Monday to pressure it into merger talks and unlock an 18-month stalemate over what would be one of the biggest European cross-border banking deals since the 2008 financial crisis.
A hostile takeover of Commerzbank by Italy's UniCredit would be unacceptable, said a German finance ministry spokesperson.
Commerzbank said on Monday that UniCredit's offer to increase its stake in the German lender "has not been aligned" with its management and that it was convinced of its strategy that "focuses on independence".
UniCredit made a €35 billion ($40 billion) bid for Commerzbank that will allow it to increase its shareholding beyond 30%, easing the path for a potential future acquisition. Bloomberg's Tommaso Ebhardt reports.
Italy's UniCredit launched an offer to raise its Commerzbank stake above 30% on Monday, in a bid to end an 18-month stalemate and get its German rival to enter merger talks.
UniCredit has unveiled plans to increase its stake in Commerzbank above 30%. CEO Andrea Orcel said he does not expect the holding to increase significantly above this level, a key regulatory threshold under German takeover law.
Unicredit is launching an offer for more than 30% of Commerzbank, in a fresh bid where the Italian lender says it has no expectation to achieve control of its German rival.
Italy's UniCredit said it is launching an offer to increase its stake in Commerzbank, but that it doesn't expect to achieve control of the German lender.
Italian bank UniCredit said on Monday it was launching an offer to own more than 30% of Commerzbank , crossing the mandatory takeover threshold existing under German law.
UniCredit on Monday stepped up its pursuit of Commerzbank , saying it would make a voluntary public takeover bid for the German lender in the form of an exchange offer.
Germany's Commerzbank launched a partnership with anti-fraud and anti-money laundering (AML) technology firm Hawk. The collaboration, announced in a news release Tuesday (March 10), is designed to optimize the bank's internal processes by supplementing its existing compliance system with Hawk's AML AI Extended Risk Model.
Commerzbank AG (CRZBY) Q4 2025 Earnings Call Transcript