Commerzbank Official Rejects UniCredit Merger Talks
Commerzbank vice chairman Sascha Uebel has rejected calls from UniCredit CEO Andrea Orcel to resume merger discussions as the Italian bank pursues a 37 billion euro takeover. Uebel urged the German government to increase its stake to protect the lender and maintain its independence.
COMMERZBANK AG Vice Chairman Sascha Uebel rejected UNICREDIT SPA CEO Andrea Orcel's demand for renewed merger talks on Thursday afternoon. Orcel offered €37 billion ($43.56 billion) for the German lender, which he claims is not meeting its potential. The standoff threatens the stability of financing for Europe's largest economy, as hostile takeover pressure intensifies.
Sascha Uebel called for the German government to increase its 12% stake to block the Italian bank's expansion. He told Reuters that the board must not entrust the bank to Orcel.
