- Reuters
How UniCredit swept up a stake in Commerzbank in bid to grow in Germany
The German government's efforts to sell Commerzbank shares in a market placement, on the face of it, a simple task, were stalling. They had expected the deal to wrap up soon after JPMorgan and Goldman Sachs started taking orders earlier that afternoon, according to a source familiar with the transaction and emailed updates the banks sent to investors, seen by Reuters. In a surprise -- and rare move -- all the shares, worth about 700 million euros ($771.3 million), had gone to one buyer, and Goldman was no longer involved in the sale.
- Bloomberg
Orcel’s Surprise Swoop on Commerzbank Was Long in the Making
(Bloomberg) -- This summer, the German government appeared ready to finally reduce its stake in Commerzbank AG. It was a moment Andrea Orcel, chief executive officer of UniCredit SpA, had also been anticipating. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025UC Berkeley Gives Transfer Stu
- Reuters
Commerzbank seeks to fend off potential UniCredit takeover, sources say
FRANKFURT (Reuters) -Commerzbank's management has discussed how to keep the German lender independent, exploring defence strategies to resist a potential bid from UniCredit, a person familiar with the discussions said on Wednesday. While Commerzbank will engage in discussions with UniCredit in line with its obligation to shareholders, the bank wants to maintain a stand-alone strategy, said two people, who asked for anonymity because the discussions are private. Commerzbank hastily convened a board meeting after UniCredit CEO Andrea Orcel surprised Berlin by swooping in unannounced to take a 9% stake in the German lender, poising it for a deal that would eclipse Commerzbank.
