UniCredit and Commerzbank CEOs Meet, Sources Say: Informal Talks
Claire Weston
UniCredit and Commerzbank's CEOs met briefly at a private event, but a person familiar with the matter says this is not the start of formal negotiations — the two sides are still working through pre-takeover procedural steps.
The two CEOs met — what did they actually discuss?
A UniCredit insider told Reuters the two CEOs had a brief encounter at a private event.
They discussed the accounting and procedural steps needed for UniCredit to take control and merge with Commerzbank.
This means → the conversation was about *how* to hand over control, not *whether* to merge — substantive deal talks have not begun.
Didn't Commerzbank already signal it was open to a deal?
In its earnings materials, Commerzbank said a joint strategy with UniCredit "has the potential to create value."
Bloomberg earlier reported the two banks planned a video call shortly after earnings to formally launch negotiations.
Reuters' latest reporting, however, shows the contact remains at the pre-takeover preparation stage — no substantive talks yet.
In plain terms = one side says "merging could be good," but neither has set a date to sit down and negotiate.
How much does UniCredit already own?
UniCredit has acquired roughly 48% of Commerzbank through a prior tender offer.
The insider said UniCredit is still willing to engage directly with key stakeholders — especially the German government, employee representatives, and the management of Commerzbank's Polish subsidiary mBank.
This means → even as the largest shareholder, UniCredit must win over political and labor stakeholders one by one before full control is possible.
When will formal negotiations actually start?
There is no timeline. When talks formally begin remains the central open question for the market.
This reflects how, even with near-majority ownership, cross-border European bank mergers involve political approvals and stakeholder coordination far more complex than the financial mechanics alone.
Content is for reference only, not financial advice.