UniCredit CEO Open to Walking Away from Commerzbank Acquisition
UniCredit SpA CEO Andrea Orcel has stated that he is not willing to pursue an acquisition of Commerzbank AG at any cost.
Orcel, who has built up a significant stake in Commerzbank, has been considering a takeover bid. However, the German government and Commerzbank management have expressed skepticism, posing potential obstacles to his plans.
"M&A adds value if it's done at the right terms, at the right time, in the right way," Orcel said. "Otherwise stay away from it."
Orcel has previously indicated that he is in no hurry to make a decision on UniCredit's Commerzbank stake. Selling the holding remains an option, he has said.
UniCredit has experienced a surge in profitability due to rising interest rates and Orcel's focus on efficiency. The Italian lender's share price has increased significantly since Orcel became CEO.