UniCredit CEO Sees Potential in a Merger With Commerzbank, Handelsblatt Reports

-- UniCredit Chief Executive Andrea Orcel sees potential in a possible merger of the Italian bank and Commerzbank, which could create value and a much stronger competitor on the German banking market, according to Handelsblatt, citing quotes from an interview with Orcel.

-- The CEO said a merger should happen if it is the best solution for shareholders, employees, customers and the regions in which the companies operate, Handelsblatt reports, days after the Italian bank took a stake of around 9% in its German peer.

-- When and if the time comes, UniCredit would engage in constructive dialogue, but first the CEO wants to better understand Commerzbank's plan for value creation over the next three years, according to Handelsblatt.

-- Orcel said there is currently no takeover offer on the table, Handelsblatt reports.

-- UniCredit didn't immediately respond to a request for comment. Commerzbank declined to comment.

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Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

September 16, 2024 04:46 ET (08:46 GMT)

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