Commerzbank Demands Written Proposal from UniCredit Before Merger Talks

The German bank insists on formal documentation as resistance grows against UniCredit's acquisition attempts.

Commerzbank has refused to engage in merger discussions with UniCredit without a formal, written proposal outlining terms.
CEO Bettina Orlopp previously declined an informal meeting with UniCredit's Andrea Orcel at a London conference in November, citing the lack of a concrete proposal.
UniCredit, which now controls approximately 28% of Commerzbank shares through direct holdings and derivatives, has faced accusations of pursuing a hostile takeover.
Concerns over potential job cuts and the location of a future headquarters have been central to the resistance from Commerzbank leadership, employees, and unions.
UniCredit has expressed hesitation to provide written terms, fearing leaks that could disrupt negotiations, while Commerzbank maintains it will only proceed transparently.