Finance
Commerzbank Spurns Big Deals Pitched to Help Keep Orcel Away
- Commerzbank is said to have turned down informal proposals
- Orlopp pledged she won’t ‘do stupid things’ to defend the bank
Bettina Orlopp
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
In her quest to keep Commerzbank AG independent, Bettina Orlopp has concluded that large acquisitions probably aren’t the answer.
The chief executive officer has rejected informal proposals to buy Hamburg Commercial Bank, which is owned by a consortium including Cerberus Capital Management LP, or Societe Generale SA’s Hanseatic Bank, people familiar with the matter said. She has also has decided against bidding for Allianz SE’s asset management unit Allianz Global Investors after investment bankers proposed the idea, the people said.