UniCredit CEO says Commerzbank shares are now too far 'beyond the fundamentals' for a takeover offer

Core Viewpoint - UniCredit's CEO Andrea Orcel stated that the current share price of Commerzbank is too high for a potential merger deal, indicating that the bank does not see value for its investors at this level [1][2]. Group 1: Stake and Share Price - UniCredit has acquired a 28% stake in Commerzbank since September through derivatives and has the European Central Bank's approval to hold up to 29.9% [1]. - Orcel mentioned that the share price has exceeded the fundamentals, suggesting that there is significant activity aimed at maintaining a higher share price than usual [3]. Group 2: Acquisition Intentions - Orcel clarified that UniCredit is currently "far away" from making a merger bid for Commerzbank and would first seek a "constructive solution" to address opposition from the German government [2]. - He emphasized that at the current share price, UniCredit would not consider an acquisition offer at a premium [2].