Stock market today: S&P 500 in weekly loss as trade war fears intensifyy
Investing.com -- UniCredit CEO Andrea Orcel stated on Wednesday that Commerzbank (ETR:CBKG)’s current share price is too expensive to proceed with a potential merger deal.
When asked if UniCredit would make an acquisition offer at a premium to Commerzbank’s current share value, Orcel told CNBC’s Annette Weisbach: "At this [share] level, we would not see value for our investors. Actually, we would not, we are very happy for the gain we’ve had on the 30[% stake], but we wouldn’t see value for our investors."
Orcel emphasized that UniCredit is currently "far away" from making a merger bid with Commerzbank.
He indicated that the bank would first need to find a "constructive solution" to address opposition from the German government.
"Secondly, in our opinion the share price has gone well beyond the fundamentals. There is a lot of activity which is directed at keeping the share price at higher level than you see every day, but we’re patient," Orcel added.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.