Bettina Orlopp, the chief executive of Commerzbank, has shifted on UniCredit’s takeover of the German lender by stating that a deal could offer value to both sides, according to Reuters.

The newswire quoted Orlopp as telling assembled analysts: “We have started talks on this, which is in the genuine interest of both UniCredit and Commerzbank, as we are both determined ​to create value for our shareholders, clients and employees”.

“I'm optimistic that, step by step, we can find common ground on governance and also on the business model,” she added.

Sources told Reuters that Orlopp and Andrea Orcel, chief executive of UniCredit, had a private discussion during a separate financial services event, but did not kick off any formal negotiations.

Reuters added that Orcel is targeting direct talks with the German government, which holds a 12.11 stake in Commerzbank.

UniCredit’s takeover plans began in September 2024, at which time it took a 9 per cent stake in Commerzbank. The Italian banking group has wide-ranging transformation plans for Commerzbank, with aims to raise its net profits €1 billion higher than current projections.

In March, UniCredit formally presented its voluntary share exchange, under which Commerzbank shareholders swap each of their shares for 0.485 UniCredit shares. This is the equivalent of around €30.8 per share, or a four per cent premium on Commerzbank’s 13 March closing price.

Despite Commerzbank rejecting UniCredit’s €35 billion takeover bid in April and turning it down formally in May, its shareholders have continued to trade their shares.

Commerzbank responded by casting doubt on UniCredit’s efforts and on 4 June approached Germany’s financial regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), to cast doubt on UniCredit claims that shareholders representing a 7.58 per cent stake had agreed to tender their shares.

In July, UniCredit achieved a 48 per cent stake in the German lender, effectively passing control into its hands.

The German government has publicly opposed any deal with UniCredit. In April, Chancellor Friedrich Merz dubbed UniCredit’s actions as “hostile and aggressive,” and in June a government source told Reuters that UniCredit’s plan would fail in the face of the German government’s support for keeping Commerzbank in its financial hub Frankfurt.

Last month, however, Merz his government would not formally block the deal.

"We ​are not ​preventing ​this merger ‌or this takeover, nor have we ever attempted to do so," Merz told ​reporters on 15 July. "We have ​always ​only said ‌that the manner in ​which ​Commerzbank was targeted does not meet ​with ‌our approval."

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