UniCredit CEO says Commerzbank is already too expensive to bite

Unicredit Executive Director Andrea Orsel on Wednesday told CNBC that the cost of the potential goal of absorption Commerzbank It is too too expensive for a merger deal at the moment.

Unicredit has built a surprising share in Commerzbank from 28% since September through derivatives and has a permission of the European Central Bank to hold up to 29.9% in the creditor.

When we asked from Annette Weisbach on CNBC if the Italian Bank would continue with an offer to acquire a premium to the current value of the Commerzbank action, Orsel said: “At that (shareholder level) we would not see the investors.

The shares of the German bank, which has been fighting the ghost of September, has jumped 76% during the year until now, taking advantage of a broader rally of German shares after the Berlin rotating to grant some fiscal rules and to facilitate the higher defense costs earlier this year.

Orsel emphasized that UniCredit is currently “away” from a Commerzbank merger offer and will first seek a “constructive solution” to oppose the German government.

“Second, in our opinion, the price of the shares exceeds the foundations. There is a lot of activity that is aimed at maintaining the price of the shares at a higher level than you can see every day, but we are patient,” Orsel said.

CNBC turned to Commerzbank for comment. The German Bank publishes better than expected Results in the first quarterWhen net profit increased by 29%annual.

Orsel insisted that his bank was initially invited to bid to Commerzbank – however, Unicredit’s game was greeted with continuous resistance by both the German administration and the Berlin administration, both in the previous Olaf Scholz coalition and in the current Friedrich Merz Government.

Just recently in a transferred by Yandex Letter Turning to Commerzbank’s staff, Mertz said that “uncoordinated and unpleasant approach like Unicredit is unacceptable”, adding that the Berlin administration “relies on a strong and independent Commerzbank”.

Since the end of last year, UniCredit has been divided between two potential hostile fronts of acquisition facing opposition for its simultaneous absorption for an Italian partner Bank BPMS