UniCredit-Commerzbank, new assembly between high administration | EUROtoday

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The leaders of UniCredit and Commerzbank will meet for the second time early subsequent week. This time too, it was revealed by the German financial institution which knowledgeable traders of the subsequent assembly following the presentation of the quarterly accounts on Wednesday. «Commerzbank will meet UniCredit administration at first of subsequent week», reads a observe from Citigroup analysts launched yesterday after the assembly with the administration of the German financial institution. No official affirmation has arrived from the 2 banks. According to IlSole24Ore, UniCredit CEO Andrea Orcel will likely be in New York from subsequent Monday for a collection of highway reveals to current quarterly accounts with US traders.

According to Citi’s report, Commerzbank’s high administration reiterated {that a} attainable merger “can only create value in the case of an amicable approach” contemplating “potential synergies and execution risks”. And in defending the explanations for Commerz’s autonomy, the German financial institution wished to level out that its profitability indices will not be utterly akin to these of HVB, the German subsidiary of UniCredit.

Long lead instances for negotiations

The first assembly between the highest administration of the 2 banks, held remotely after UniCredit’s entry into the capital of Commerzbank, was little greater than a presentation of the German financial institution’s accounts to its new largest personal shareholder. Will it’s like this this time too? Or will the second assembly serve to delve into the deserves of the dialogue to check an aggregation course of? Judging by Orcel’s statements final Wednesday, it appears tough to anticipate sensational developments within the brief time period. So a lot in order that the CEO of UniCredit mentioned he anticipated that any negotiations may finish inside a yr, leaving open at any time the potential of promoting roughly 9% of Commerzbank shares and amassing a capital acquire.

The affect of the German authorities disaster

The new ingredient of the previous couple of hours, nonetheless, is that the German authorities led by Olaf Scholz, who had branded UniCredit’s advance as “hostile”, entered into disaster after the liberals left the bulk coalition. And now the expectation, each in political and monetary circles, is that Germany is getting ready to face a protracted electoral marketing campaign in view of early elections in March.

Does the truth that the transition in the direction of the vote in Berlin is led by a fragile minority authorities open up alternatives for UniCredit? Or quite the opposite, will the beginning of the electoral marketing campaign in Germany create a bipartisan local weather of protection of each German strategic asset? The matter considerations UniCredit but additionally the fragile negotiation between Ita and Lufthansa. And additionally the expansion ambitions within the media sector of the MFE of the Berlusconi household which focuses on the German Prosiebensat.