Commerzbank is weighing the acquisition of a mid-sized German bank as part of its strategy to fend off a possible takeover by Italy’s UniCredit, three people with knowledge of the matter told Reuters. The deliberations of an acquisition are at an early stage and possible targets could include Hamburg Commercial Bank (HCOB) or Oldenburgische Landesbank
Why it matters
If Commerzbank were to pull off a deal before UniCredit has time to swoop, it could unravel the mooted cross-border merger, which would be Europe’s biggest since the crisis of 2008. Germany fears the Italian plan could cost jobs and influence.
