UniCredit should approach Commerz by the side door CGAThompson
Italy’s UniCredit was preparing a bid to take control of Commerzbank after signs that plans to merge the German lender with peer Deutsche Bank were encountering difficulties, the Financial Times reported on April 4 citing several people familiar with the matter.
UniCredit’s plan envisaged buying a sizeable stake in Commerzbank and merging it with its German-based lender HypoVereinsbank, the report said. UniCredit, Commerzbank and Deutsche Bank all declined to comment on the Financial Times report.The German government is the biggest shareholder in Commerzbank with a 15.6 percent stake.
Shares in UniCredit were trading at 12.3 euros as of 0806 GMT on May 1, down 0.3 percent on the day; those in Commerzbank were trading at 8 euros, down 1.2 percent.
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