Commerzbank to resume talks with UniCredit, Handelsblatt reports
Commerzbank's CEO Bettina Orlopp has announced further talks with UniCredit about a potential tie-up, marking a significant turn in months-long wrangling over control of Germany's largest lender.
- Country:
- Germany
Commerzbank's CEO Bettina Orlopp has told employees that there will be further talks with UniCredit about a potential tie-up, according to Handelsblatt on Friday.
The announcement, made to staff on the bank's intranet, marks a significant turn in the months-long wrangling over control of one of Germany's largest lenders. Orlopp and her management team have long been opposed to a tie-up. There have been several rounds of talks in past months, but they had all fizzled out in disagreement.
"Over the coming weeks and months, Commerzbank and UniCredit will hold talks to determine, step by step, how we will proceed," Orlopp told employees in the internal post on Thursday, according to Handelsblatt. "The federal government, employee representatives, and Commerzbank's supervisory board have made it clear that they now expect UniCredit to engage in a constructive dialogue with Commerzbank," Orlopp was quoted as saying.
"I believe that UniCredit is also willing to do so. After all, without dialogue, there can be no value creation."
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