Commerzbank Chairman Jens Weidmann has invited UniCredit to open talks over the terms of a merger, as the German lender drops its resistance to the Italian takeover.
Background
The Italian lender has gradually accumulated a 48% stake in Commerzbank, which is sufficient to determine shareholder resolutions. Weidmann, a former Bundesbank chief, stated that the balance of power at the next Annual General Meeting is clear.
UniCredit CEO Andrea Orcel has asked to engage with the German government and workers’ representatives, who occupy half of the seats on Commerzbank’s supervisory board. Weidmann emphasized the need for constructive talks to establish key parameters for staff, shareholders, and customers of the bank.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
