FRANKFURT, March 20 (Reuters) - Commerzbank's CEO Bettina Orlopp told employees on Friday that talks with Italy's UniCredit only made sense once the Italian bank provided it with key points it had in
Commerzbank CEO says UniCredit talks make sense only after it lays out plan
Commerzbank and UniCredit Merger Talks: Current Status and Key Issues
By Matthias Inverardi and Tom Sims
Background of the Negotiations
FRANKFURT, March 20 (Reuters) - Commerzbank's CEO Bettina Orlopp told employees on Friday that talks with Italy's UniCredit only make sense once the Italian bank provides it with key points it has in mind for a tie-up deal, according to a transcript of a video message seen by Reuters.
Stalemate Between Commerzbank and UniCredit
The comments underscore an impasse between the two banks: UniCredit wants to talk with Commerzbank to form a joint plan for a possible deal, while Commerzbank insists UniCredit first submit a plan to begin talking.
Commerzbank's Prerequisites for Negotiations
"Our prerequisite for entering into talks was and remains clear: We need a foundation - a document with key points with clear parameters. Parameters that show how such a transaction could be structured from UniCredit's perspective to create value for all stakeholders," she said.
"Only then do talks make sense," she said.
A spokesperson for Commerzbank declined to comment.
UniCredit's Approach and Recent Developments
UniCredit this week cranked up the pressure on Commerzbank to accept merger talks with a low-ball bid to raise its stake in the German lender above 30%.
Statements from UniCredit CEO Andrea Orcel
On Wednesday, UniCredit CEO Andrea Orcel said at a financial conference that the reason he had not presented a plan for Commerzbank "is because the only way to do it constructively is to do it jointly, with the other party."
(Reporting by Matthias Inverardi and Tom Sims; Editing by Miranda Murray and Chris Reese)
