Commerzbank could acquire UniCredit’s German subsidiary HVB through an equity-funded transaction as the two companies evaluate a potential combination, reported Reuters citing CEO Bettina Orlopp.
Addressing attendees at a financial conference, Orlopp noted that such an arrangement represents one of several “options on the table” to expand the Italian lender’s holding.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The development follows more than two years of pursuit by UniCredit, which built an interest approaching 50% despite domestic opposition.
Both organisations are now holding discussions.
Orlopp explained that alternative transaction routes comprise a direct combination of the two lenders, or UniCredit launching a subsequent offer to remaining Commerzbank investors, “most likely with a premium”, to elevate its holding beyond 90%.
“All three basic options are on the table,” she confirmed.
These remarks follow the three prerequisites set up earlier this month by the German government regarding any potential takeover.
The conditions were outlined during initial face-to-face discussions between Finance Minister Lars Klingbeil and UniCredit chief executive Andrea Orcel.
According to the finance ministry, Commerzbank must preserve its stock exchange quotation and maintain its corporate headquarters in Frankfurt.
The institution is also required to continue supplying credit to German mid-sized commercial enterprises across domestic and international markets.
The talks are the first occasion on which Berlin has publicly defined the terms it wants Orcel to satisfy in relation to a takeover of the country’s second-largest listed bank.
In July, UniCredit acquired a 47.59% overall stake in Commerzbank, giving it control over 49.65% of the bank’s voting rights.
