Commerzbank no longer rules out a merger with UniCredit

Commerzbank no longer rules out a merger with UniCredit. The German bank had previously opposed the deal, but now believes that an agreement could be profitable for its shareholders.

UniCredit controls nearly 48% of Commerzbank, and the deal values the German bank at approximately €45 billion. The European Central Bank has already backed the agreement.

Several disagreements remain between the parties, including the future of Commerzbank's management and the role of the German government on the bank's supervisory board. The state holds a 13.3% stake in Commerzbank.

Commerzbank's net profit rose 45% in the third quarter, reaching €859 million.

Source: Reuters