By Tom Sims
FRANKFURT (Reuters) -Germany’s Commerzbank hasn’t had talks with UniCredit since the Italian lender last week got approval from the European Central Bank for taking a stake of just under 30%, Commerzbank CEO Bettina Orlopp said on Thursday.
Chief Executive Officer Orlopp said that the banks had talked in an investor meeting after the bank’s capital markets day it held in February.
Last week, UniCredit announced the ECB had given it the green light to buy up to 29.9% of Commerzbank but that it would likely wait before deciding whether to pursue a full takeover.
Commerzbank’s shares, which had nearly doubled since UniCredit said it was acquiring its stake, fell 5.6% in late morning Frankfurt trade.
Orlopp, asked on Thursday at a financial conference organised by Morgan Stanley if she had had conversations with UniCredit since the ECB approval, said “No.”
She said the UniCredit meeting after the bank’s capital markets day, which was held on February 13, was “purely an investor meeting”.
She said she was focused on Commerzbank’s own standalone strategy but would take a look at any “very good idea about a potential combination.”
In last week’s announcement on the ECB approval, UniCredit said it would likely wait until next year before deciding whether to make an offer for Commerzbank.
On Wednesday, UniCredit’s CEO, Andrea Orcel, said the bank may need even longer to decide, perhaps waiting until 2027.
(Reporting by Tom SimsEditing by Ludwig Burger, Madeline Chambers and Louise Heavens)
