Commerzbank Board Hires UBS for Potential UniCredit Deal Advice

Commerzbank AG’s supervisory board has mandated UBS Group AG to help it navigate a potential takeover bid from UniCredit SpA, according to a person familiar with the matter, who asked not to be named discussing private information.

UniCredit earlier this month disclosed a 21% stake in Commerzbank. The Italian lender’s chief executive officer, Andrea Orcel, has said he’s considering a takeover. He also said he’s going to present proposals how to improve Commerzbank’s performance even if the acquisition doesn’t happen.