UniCredit Beats Profit Estimates, Confirms Fourth-Quarter Commerzbank Takeover Timeline
UniCredit reported higher-than-expected profit and raised its full-year guidance, strengthening its balance sheet ahead of an acquisition of Commerzbank that CEO Andrea Orcel said could close in the fourth quarter.
The bank’s existing stake in the German lender will secure voting control without triggering a cascade bid for Polish lender mBank. Orcel indicated discussions with the German government and worker representatives will proceed first, and that units at Commerzbank and HVB will remain separate for two to three years.
From the sources (7 posts)
@firstsquawkUniCredit CEO Says Existing Commerzbank Stake Allows Control Without Triggering Cascade Bid for mBank
@firstsquawkUniCredit CEO Says He Hopes to Begin Talks With German Government and Commerzbank Worker Representatives
@firstsquawkUniCredit CEO Expresses Confidence That a Commerzbank Agreement Serving All Stakeholders Can Be Achieved
@firstsquawkUniCredit CEO Says Timing of Potential Commerzbank EGM Will Depend on Discussions With German Government and Employee Representatives
@firstsquawkUniCredit CEO Says Integration of Commerzbank and HVB Would Be Delayed, With Units Kept Separate for 2-3 Years
@cnbcUniCredit CEO tells CNBC full acquisition of Commerzbank could happen in fourth quarter
@businessUniCredit reported higher-than-expected profit and raised its full year guidance as CEO Andrea Orcel moves closer to a takeover of Commerzbank