UniCredit, Commerzbank CEOs met but did not begin merger talks

The chief executives of UniCredit and Commerzbank briefly met on the sidelines of a private event, but the encounter did not mark the beginning of any formal merger negotiations, a source close to the Italian lender said on Thursday.

A Procedural Exchange, Not a Deal Discussion

The meeting came after UniCredit secured a 48% stake in its German rival through a takeover bid, a move that gives the Italian bank effective control over Commerzbank. According to the source, the conversation was confined to technical matters surrounding UniCredit's consolidation of its new holding.

"They discussed the necessary accounting and other steps related to UniCredit's taking control and consolidating Commerzbank. It was not the start of any negotiation," the person told Reuters.reuters

Stakeholder Engagement Ahead

UniCredit signaled it remains open to direct engagement with key Commerzbank stakeholders, including the German government and workers' representatives, as well as the governing bodies of Commerzbank's Polish subsidiary mBank. The outreach to labor and government figures reflects the political sensitivities that have surrounded the deal since UniCredit first began building its position in Commerzbank.live.euronext+1

From Stake to Control

The clarification underscores that UniCredit's pursuit of Commerzbank has now entered a procedural phase focused on integration mechanics rather than negotiating terms with Commerzbank's board. The Italian bank's path to a 48% holding unfolded over months of market purchases and regulatory approvals, making it one of the largest cross-border banking consolidation efforts in the European Union in recent years.tradersunion