UniCredit ready to throw hat in the ring for Commerzbank
(4 April 2019 – Europe) UniCredit is reportedly preparing a rival bid for Commerzbank should merger discussions between Commerzbank and fellow German lender Deutsche Bank fall through.
UniCredit has been interested in a deal with Commerzbank for several years and approached German officials about a merger in 2017, according to people with knowledge of the situation. While the Milan-based lender is unlikely to gatecrash current negotiations between the German banks, it is ready to make a move should talks falter.
According to people briefed on the Italian bank’s plans, UniCredit would seek a sizeable stake in Commerzbank and merge it with HypoVereinsbanks, the German lender it already owns.
The combined entity would be based in Germany while UniCredit headquarters would remain in Milan.
Any deal between UniCredit and Commerzbank would need approval from the German government, which is Commerzbank’s biggest shareholder with a 15 percent stake.
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