Orcel (Unicredit): «Commerz? Acquisition is among the choices» | EUROtoday

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The day after saying that it had purchased 9% of Commerzbank, the CEO of Unicredit, Andrea Orcel proclaims flexibility relating to subsequent steps on the stake, whereas signaling {that a} full acquisition is feasible. “We could go up, we could go down, we could combine,” Orcel mentioned in an interview with Bloomberg TV. “We are very patient,” he added.

“We thought that the conditions to proceed” on Commerzbank “were not there, but in the summer, having heard the rumors, we decided to buy shares on the market at rather attractive prices,” mentioned the supervisor, including that “when the government then decided to sell and we were among the investors who had contacted us to buy the shares, we made an offer and it was accepted.”

Orcel mentioned he had “confidence” within the worth the German establishment can nonetheless create.