Germany's Commerzbank has a bumpy history with big M&A

By Tom Sims

FRANKFURT (Reuters) -UniCredit has raised its stake in Germany's COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank to 28% with new derivative contracts as its bid for smaller domestic peer Banco BPM faces hurdles.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank has, like some other banks, had a rocky history with big mergers and acquisitions over the years.

These are some of the key moments:

1870-1970s

The bank was founded in Hamburg and later moved to Berlin. It relocated to Frankfurt in 1970 as one of Germany's leading banks, focusing on retail and corporate customers.

1970s

Expands to London and New York, and other European capitals.

2008

Agrees to buy Dresdner Bank, one of Germany's biggest banks, from insurer Allianz in a $14.5 billion deal.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank is Germany's first commercial bank to turn to the government for capital during the global financial crisis.

2009

In a bailout, Germany takes a stake of 25% plus one share in COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank in return for an additional 10 billion euro ($11.13 billion) capital injection.

2011-2013

European debt crisis continues.

2016

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank embarks on a multi-year restructuring.

2017

U.S. investor Cerberus builds a stake controlling 5% of the German bank's voting rights.

UniCredit tells Berlin it is interested in eventually merging with COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank, Reuters reported, a combination that would create one of Europe's biggest banks.

BNP Paribas' then Chairman Jean Lemierre dampened rumours that it was interested in a tie-up with COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank.

2018

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank drops out of blue-chip DAX index.

Deutsche Bank describes as "fictions" media reports suggesting that Germany's biggest bank might seek a tie-up with Switzerland's UBS or COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank.

2019

Cerberus says it is open to a merger between Germany's two biggest lenders.

Deutsche Bank and COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank hold merger talks, but call them off weeks later.

UniCredit engages investment bankers to advise it on a potential bid for COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank's supervisory board approves plans to cut thousands of staff and close a fifth of its branches after the failed merger with Deutsche Bank.

2020

In a u-turn, COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank says that it would not sell its Polish subsidiary mBank, citing poor market conditions.

Cerberus calls on COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank to appoint two of its nominees to the supervisory board, cut costs and adopt a new strategy.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank's chairman and chief executive step down, bowing to demands from Cerberus.

2021

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank's new CEO, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp.

Knof says COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank is working to remain independent.

2022-2023

UniCredit CEO Andrea Orcel approaches Knof about a potential deal in early 2022, before the Ukraine war, people with knowledge of the matter told Reuters.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank returns to profit and rejoins the DAX.

2024

Jan. 23 Knof plays down prospects of a possible merger with Deutsche Bank, saying he was striving to keep the bank independent.

May 15 COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank wants to "tone down" merger speculation and is entirely focused on its current strategy, which is the "best prerequisite" to stay independent, Knof said.

Sept. 3 Germany intends to reduce its 16.5% stake as COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank is stable again years after its rescue, the government says.

Sept. 10 COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank says Knof would not seek another term when his contract ends in December 2025, as the German government begins to sell some of its shares.

Sept. 11 UniCredit approaches COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank about exploring merger talks, a source with knowledge of the matter said, after the bank bought a 9% stake. COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank's management discusses how to keep the lender independent.

Sept. 13 German government officials and UniCredit bankers hold talks, Reuters reports.

Sept. 16 Knof snubs UniCredit's overtures, saying he had his own plans for the bank and hoped it could stay independent.

Sept. 17 Bettina Orlopp, COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank's finance chief, says the German government should retain its COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank stake.

Sept. 18 COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank prepares to put Orlopp in charge of talks with UniCredit, two people with knowledge of the matter said.

Sept. 20 Germany says it would not sell any more shares in COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank for now.

Sept. 23 German Chancellor Olaf Scholz calls UniCredit's move to acquire a possible 21% stake in COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank "an unfriendly attack" .

Sept. 24 Orlopp will take over as CEO, the bank announces.

Sept. 26 COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank and UniCredit will hold a first round of talks on Sept. 27, Orlopp says, as COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank burnishes its independent strategy.

Oct. 1 Orlopp, on her first day as CEO, tells staff she wants the bank to remain independent.

Nov. 6 Germany's ruling coalition collapses, raising questions about whether the government could still fend off UniCredit's approach.

Nov. 12 COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank is considering buying a mid-sized German bank as part of its defence strategy, people tell Reuters.

Nov. 25 UniCredit launches a bid for domestic peer Banco BPM, which Orcel said would take precedence over any potential move on COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank.

Dec. 18 UniCredit announces an increase in its stake in COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>COMMERZBANK-UNICREDIT-e68bffe8-949f-4244-b8ab-76fcfffe3e84>Commerzbank via derivatives to around 28%.

($1 = 0.8982 euros)

(Reporting by Tom Sims, John O'Donnell and Valentina Za; Editing by Alexander Smith, Barbara Lewis, Elaine Hardcastle and Tomasz Janowski)