Commerzbank CEO says UniCredit talks make sense only after it lays out plan
Commerzbank and UniCredit Merger Talks: Current Status and Key Issues
By Matthias Inverardi and Tom Sims
Background of the Negotiations
FRANKFURT, March 20 (Reuters) - Commerzbank's CEO Bettina Orlopp told employees on Friday that talks with Italy's UniCredit only make sense once the Italian bank provides it with key points it has in mind for a tie-up deal, according to a transcript of a video message seen by Reuters.
Stalemate Between Commerzbank and UniCredit
The comments underscore an impasse between the two banks: UniCredit wants to talk with Commerzbank to form a joint plan for a possible deal, while Commerzbank insists UniCredit first submit a plan to begin talking.
Commerzbank's Prerequisites for Negotiations
"Our prerequisite for entering into talks was and remains clear: We need a foundation - a document with key points with clear parameters. Parameters that show how such a transaction could be structured from UniCredit's perspective to create value for all stakeholders," she said.
"Only then do talks make sense," she said.
A spokesperson for Commerzbank declined to comment.
UniCredit's Approach and Recent Developments
UniCredit this week cranked up the pressure on Commerzbank to accept merger talks with a low-ball bid to raise its stake in the German lender above 30%.
Statements from UniCredit CEO Andrea Orcel
On Wednesday, UniCredit CEO Andrea Orcel said at a financial conference that the reason he had not presented a plan for Commerzbank "is because the only way to do it constructively is to do it jointly, with the other party."
(Reporting by Matthias Inverardi and Tom Sims; Editing by Miranda Murray and Chris Reese)
