Top officials in Berlin were not briefed in advance about an invitation for UniCredit (UNCRY) to bid for a German government stake in Commerzbank (CRZBY), The Financial Times’ Olaf Storbeck, Silvia Sciorilli Borrelli, Ivan Levingston, and Guy Chazan report. According to three people familiar with the events, JPMorgan (JPM) bankers who advised the government on the 4.5% stake sale invited UniCredit to participated, giving it the impression that Berlin welcomed the interest, but before this month, Berlin repeatedly signaled to UniCredit and European rivals circling Commerzbank that it was not interested in selling to them and instead wanted to sell its stake in small portions to financial investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRZBY:
- Commerzbank price target raised to EUR 17.50 from EUR 15.25 at RBC Capital
- Commerzbank upgraded to Overweight from Neutral at JPMorgan
- Trump Media slips after presidential debate: Morning Buzz
- Commerzbank is open to discussions of potential tie-up with UniCredit, FT says
- Commerzbank price target lowered to EUR 15.25 from EUR 16 at RBC Capital