UniCredit CEO Dismisses Commerzbank Takeover as 'Aggressive Move'

UniCredit's Chief Executive has ruled out a takeover bid for Commerzbank, deeming it an 'aggressive move.' The executive stated there is no urgency to increase UniCredit's current 9% stake, noting that the German government considered UniCredit a reliable investor when selling its shares.

UniCredit's Chief Executive has definitively ruled out a takeover bid for German peer Commerzbank, labeling such a move as 'aggressive.' This stance was revealed in an interview with Italian daily Il Messaggero published on Thursday.

CEO Orcel emphasized that there is 'no rush' to boost UniCredit's existing 9% stake in Commerzbank. He noted that the German government originally sold its shares to UniCredit because it considered the Italian bank a 'reliable and suitable investor.'

The clear position taken by UniCredit's leadership aims to stabilize market speculation and affirm their current strategy regarding Commerzbank.

(With inputs from agencies.)