UniCredit CEO says Commerzbank is too expensive at present for a deal
MILAN - Commerzbank's shares have risen excessively in price and do not reflect the bank's fundamentals, according to UniCredit Chief Executive Andrea Orcel who said a full takeover would not be attractive at the current terms.
UniCredit has built a 28% stake in Commerzbank and Orcel said earlier on Wednesday it expected to complete by the end of the month the steps that allow it to convert into equity the two thirds of the stake which UniCredit still owns as derivatives.
UniCredit would then decide whether to consolidate the stake. Orcel has then given himself until 2027 to decide what to do with it.
"No, at this level, we would not see value for our investors [in an offer]," he told CNBC television. "We're very happy for the gain we've had on the 30% but we wouldn't see value for our investors," he said.
(Reporting by Valentina Za, editing by Alvise Armellini)
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