German business daily Handelsblatt reported on the 31st that major German commercial bank Commerzbank has abandoned efforts to block a takeover by Italian peer UniCredit. UniCredit announced in July that it had raised its stake in Commerzbank's outstanding shares to 47.6 percent through a tender offer and other means, and Commerzbank insiders told the newspaper they have conceded defeat in the battle to remain independent. The focus now shifts to negotiations between the two banks over preserving jobs and customer services after a merger, though difficult talks are expected.
Commerzbank AGCommerzbank abandons defense against UniCredit takeover, losing independence.
UniCredit SpAUniCredit's takeover bid faces less resistance, moving closer to acquiring Commerzbank.