Unicredit should clarify intentions for Commerzbank, German state premier says

BERLIN, March ‌17 (Reuters) - The ​premier ​of the German state of Hesse on Tuesday called ‌on Italy's UniCredit to submit a ⁠concrete offer for the German lender ‌Commerzbank and to clarify ‌its objectives.

"I support the clear expectation for UniCredit to put a ​concrete offer on the table," Boris Rhein, whose state includes ⁠the financial centre Frankfurt where Commerzbank is headquartered, ​told Reuters.

UniCredit has increased pressure on Commerzbank to accept merger talks ​with a low-ball ‌bid to raise its stake in Commerzbank above 30%.

Commerzbank ⁠Bettina Orlopp on Tuesday called the offer "very low" and complained Unicredit was ⁠not informing it about its vision for ​a tie-up, underscoring Commerzbank's long-held reluctance about any takeover deal.

Germany's federal government has opposed ‌a hostile takeover while Rhein's state government has said ‌Frankfurt's position as Europe's leading ⁠financial centre must ‌be strengthened.

(Reporting ​by Andreas Rinke; writing by Matthias Williams; editing by Barbara ‌Lewis)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Thinking Machines Lab seeks $1b raise at $40b valuation - report
• Data at law firms Quinn Emanuel, McDermott exposed in cyber breaches
• South Korea says US companies to invest $2 billion in chip, energy sectors