BERLIN (Reuters) – Commerzbank reiterated on Friday that it will not meet with UniCredit for formal discussions until it receives a specific proposal from the Italian bank, which has ruffled feathers in Berlin with its interest in a merger.
Earlier on Friday, the Financial Times newspaper reported that Commerzbank CEO Bettina Orlopp had rejected an invitation from UniCredit CEO Andrea Orcel to hold informal talks about a potential tie-up with UniCredit, citing people familiar with the matter.
“We have consistently signalled our willingness to engage in discussions and would review a proposal from UniCredit in the interest of all stakeholders. However, we have not received any proposal yet,” a Commerzbank spokesperson said.
“Only a specific proposal regarding the economic and structural terms of a transaction could be a basis for potential talks,” the spokesperson added in response to a Reuters request for comment.
Commerzbank on Wednesday described UniCredit’s approach for a potential tie-up as “hostile” and said there had been no discussion of it with the Italian bank in the past two years, despite Orcel saying there had been.
UniCredit is awaiting European Central Bank approval for the 28% stake it has built in the German lender, for the most part using derivatives.
UniCredit had announced an initial 9% stake in Commerzbank in September, angering the German government.
(Reporting by Matthias Inverardi, writing by Rachel More and Miranda Murray; editing by Thomas Seythal)
