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Exclusive-UniCredit CEO approaches Commerzbank to explore merger talks, source says

Published 09/11/2024, 07:53 AM
Updated 09/11/2024, 07:56 AM
© Reuters. FILE PHOTO: A statue is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023.  REUTERS/Kai Pfaffenbach/File Photo
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FRANKFURT (Reuters) - UniCredit CEO Andrea Orcel approached German lender Commerzbank (ETR:CBKG)'s management earlier on Wednesday inviting the bank to explore merger talks, a source with knowledge of the matter told Reuters.

Italy's UniCredit announced on Wednesday it had bought a 9% stake in Commerzbank.

© Reuters. FILE PHOTO: A statue is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023.  REUTERS/Kai Pfaffenbach/File Photo

UniCredit's approach is the strongest indication yet that the Italian lender wants to buy Commerzbank.

A spokesperson for Commerzbank, which said it was holding a board meeting later on Wednesday to discuss UniCredit, neither confirmed not denied an approach had been made. UniCredit was not immediately available to comment.

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