Tag: $Commerzbank

Commerzbank and UniCredit shares extended gains on Thursday after the Italian bank’s CEO Andrea Orcel laid out plans to buy more of its German rival or even take it over, fuelling speculation about further dealmaking in the region.

Italy’s UniCredit said on Wednesday it had acquired a 9% stake in Commerzbank and will seek approval to potentially buy more, in a move that raised the prospect of CEO Andrea Orcel preparing to take over the German lender.

The two German lenders abandoned a merger plan in 2019, but concerns about bank profitability, and reports that the German government’s is considering selling some of its company stakes, have rekindled whispers about a possible tie-up in recent weeks.

 Five years after Deutsche Bank and Commerzbank aborted an attempt to merge, an uncertain outlook for bank profitability and Germany’s need to plug a hole in its budget have rekindled speculation about a potential deal.