Commerzbank Chairman Jens Weitmann has called on Italy's UniCredit to enter negotiations over merger terms. After UniCredit raised its stake in stages to 48 percent, reaching a level that can sway shareholder meeting resolutions, Weitmann abandoned the bank's previous resistance to a takeover and shifted focus to extracting concessions. In a statement, he stressed that constructive talks are needed to set key conditions for employees, shareholders, and customers, and said such negotiations would also be in UniCredit's interest. UniCredit CEO Andrea Orcel had sought talks with the German government and Commerzbank employee representatives the previous day.
Commerzbank AGCommerzbank chairman signals readiness for takeover talks with UniCredit, indicating loss of independence and potential unfavorable terms.
UniCredit SpAUniCredit's stake buildup to 48% and Commerzbank's shift to negotiation stance increases likelihood of a favorable merger deal.