Finance

Commerzbank Prepares Defense for Possible UniCredit Takeover

German bank hires Goldman Sachs to advise on options
Disclosure of UniCredit’s 9% stake sparks takeover chatter

WATCH: Commerzbank’s executive board is reviewing its defense strategy. Bloomberg’s Oliver Crook reports.Source: Bloomberg

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By Arno Schuetze and Jan-Henrik Foerster

September 11, 2024 at 4:51 PM UTC

Updated on

September 12, 2024 at 11:56 AM UTC

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Commerzbank AG’s executive board is reviewing its defense strategy as it prepares for a potential takeover approach by UniCredit SpA.

The German bank, which was surprised by UniCredit’s disclosure of a 9% stake, is taking the precautionary move ahead of its engagement with its Italian rival, according to people familiar with the matter.