FRANKFURT (dpa-AFX) - Italian lender UniCredit SpA (UCG, UNCFF.PK) is preparing a rival multibillion-euro bid to take control of Commerzbank (CRZBY.PK) amid signs that plans to merge the German lender with Deutsche Bank (DB) are facing several major hurdles, the Financial Times reported citing several people familiar with the matter.
UniCredit plans to buy a sizeable stake in Commerzbank and merging it with HypoVereinsbank, the German lender it already owns, the report said.
The combined entity would be based in Germany while UniCredit would maintain its headquarters and listing in Milan, the person said. Commerzbank would retain a free float of shares listed on the Frankfurt stock exchange, the report said.
On 17th March, Germany's two biggest lenders Deutsche Bank and Commerzbank confirmed they were in discussions to potential merge.
Meanwhile, the Financial Times today said that UniCredit has been interested in a deal with Commerzbank for several years and approached German officials about a tie-up in 2017.
However, the Italian bank decided not to make an offer at the time, in part due to political opposition in Germany to cross-border banking deals, but also because the Milan-based lender was restructuring its own business.
Any deal between UniCredit and Commerzbank would need approval from the German government, the Frankfurt-based lender's biggest shareholder with a 15 per cent stake.
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