Orcel Delays Commerzbank Decision Further as Obstacles Mount

UniCredit SpA may wait years before deciding on an all-out takeover offer for Commerzbank AG, Chief Executive Officer Andrea Orcel said, after a rally in the stock of the German rival made a potential deal more expensive.

While the higher Commerzbank share price translate into a financial gain for UniCredit, the CEO said he needs to be convinced that the rally is justified before deciding on a strategic transaction. That could take until 2027, he said, when the German lender is targeting a return on equity of 13.6% and €3.8 billion ($4.1 billion) in profit.