Morningstar

Commerzbank and UniCredit Management to Meet on Friday

Provided by Dow Jones

By Elena Vardon 




  Commerzbank management will meet with UniCredit for the first time on Friday after the Italian bank recently boosted its stake in its German peer. 



  Bettina Orlopp, Commerzbank's finance chief who will become its chief executive next week, said that a meeting with UniCredit's management is scheduled for tomorrow. 



  Orlopp spoke at Bank of America's 29th Annual Financials CEO Conference on Thursday, shortly after Commerzbank raised some of its targets as it confirmed its strategy and backed its independent position. 



  On Monday, UniCredit said it bought financial contracts that could take its Commerzbank stake to 21% from the 9% it recently disclosed. The move has revived speculation that the Italian lender could pursue a tie-up of the two banks. UniCredit is already present in the German market through its Munich-based subsidiary HypoVereinsbank, which it bought in 2005. 



  This has received a hostile reaction from some German officials and union leaders, who said a full acquisition could cut jobs, cede financial clout to Italy and deprive smaller German businesses of funding. 



  UniCredit's sees all options as open regarding its investment in Commerzbank, CEO Andrea Orcel said at the same conference on Wednesday. Orcel has signaled an appetite for deals and is eager to create a counterweight to the American megabanks. 





  Write to Elena Vardon at elena.vardon@wsj.com 





  (END) Dow Jones Newswires



  September 26, 2024 04:43 ET (08:43 GMT)


Copyright (c) 2024 Dow Jones & Company, Inc.
  

					The articles, information, and content displayed on this webpage may
					include materials prepared and provided by third parties. Such
					third-party content is offered for informational purposes only and
					is not endorsed, reviewed, or verified by Morningstar.
				
 

					Morningstar makes no representations or warranties regarding the
					accuracy, completeness, timeliness, or reliability of any third-party
					content displayed on this site. The views and opinions expressed in
					third-party content are those of the respective authors and do not
					necessarily reflect the views of Morningstar, its affiliates, or employees.
				
 

					Morningstar is not responsible for any errors, omissions, or delays
					in this content, nor for any actions taken in reliance thereon.
					Users are advised to exercise their own judgment and seek independent
					financial advice before making any decisions based on such content.
					The third-party providers of this content are not affiliated with
					Morningstar, and their inclusion on this site does not imply any
					form of partnership, agency, or endorsement.
				
 

				More in Markets
				
 
  
 
 
 
 
How Healthy Is the US Economy? Here’s What the Top Economic Indicators Say
 
While recession fears have cooled somewhat, here are some signals worth watching. 
 
 
Margaret Giles 
 
 
 
Markets Brief: The Case for Investing in US Treasuries Has Strengthened
 
Plus: Nvidia earnings, the dollar, and opportunities in the communication services sector. 
 
 
Dan Kemp 
 
 
 
Smart Investor: Stocks That Crushed Earnings, Nvidia Earnings, and the Latest Bond Selloff
 
We wrap up our coverage of the markets and the week. 
 
 
Tom Lauricella 
 

				More in Stocks
				
 
  
 
 
 
 
3 Newly Overvalued Stocks
 
Deutsche Telekom and Ecolab are among the stocks that are now expensive. 
 
 
Bella Albrecht 
 
 
 
The Best Basic Materials Stocks to Buy
 
These 12 undervalued basic materials stocks look attractive today.  
 
 
Tori Brovet 
 
 
 
Salesforce: Acquiring Informatica to Bolster AI Offerings
 
We see the strategic value of the deal. 
 
 
Dan Romanoff, CPA 
 
 
 

			Sponsor Center