By Tom Sims
FRANKFURT (Reuters) -Commerzbank is poised to place CFO Bettina Orlopp accountable for talks with UniCredit when the German financial institution’s supervisory board meets subsequent week, two folks with information of the matter stated, because the Italian rival considers a takeover.
Commerzbank (ETR:) has, like another banks, had a rocky historical past with massive mergers and acquisitions over time.
These are among the key moments:
1870-Seventies
The financial institution was based in Hamburg and later moved to Berlin. It relocated to Frankfurt in 1970 as considered one of Germany’s main banks, specializing in retail prospects and company companies.
Seventies
Expands to London and New York, and different European capitals.
2008
Commerzbank agrees to purchase Dresdner Financial institution, considered one of Germany’s largest banks, from insurer Allianz (ETR:) in a $14.5 billion deal.
Commerzbank is Germany’s first business financial institution to show to the federal government for capital through the world monetary disaster.
2009
In a bailout, Germany takes a stake of 25% plus one share in Commerzbank in return for a further 10 billion euro ($11.13 billion) capital injection.
2011-2013
European debt disaster continues.
2016
Commerzbank embarks on a multi-year restructuring.
2017
U.S. investor Cerberus builds a stake controlling 5% of the German financial institution’s voting rights.
UniCredit instructed Berlin it’s thinking about ultimately merging with Commerzbank, Reuters reported, a mix that might create considered one of Europe’s largest banks.
BNP Paribas (OTC:)’ then Chairman Jean Lemierre dampened rumours that it was is thinking about a tie-up with Commerzbank.
2018
Commerzbank is expelled from the blue-chip .
Deutsche Financial institution dismissed as “fictions” media experiences suggesting that Germany’s largest financial institution would possibly search tie-ups with Switzerland’s UBS or Commerzbank.
2019
Cerberus is open to a merger between Germany’s two largest lenders.
Deutsche Financial institution and Commerzbank maintain merger talks, however name them off weeks later.
UniCredit engaged funding bankers to advise it on a possible bid for Commerzbank.
Commerzbank’s supervisory board accredited plans to chop 1000’s of workers and shut a fifth of its branches after the failed merger with Deutsche Financial institution.
2020
In a u-turn, Commerzbank stated that it might not promote its Polish subsidiary mBank, citing poor market situations.
Cerberus calls on Commerzbank to nominate two of its nominees to the supervisory board, minimize prices and undertake a brand new technique.
Commerzbank’s chairman and chief government step down, bowing to calls for from Cerberus.
2021
Commerzbank’s new CEO, Manfred Knof, needs to chop 10,000 jobs and shut tons of of branches as a part of a method revamp introduced simply weeks after taking up the highest job.
Knof says Commerzbank is working to stay unbiased.
2022-2023
UniCredit CEO Andrea Orcel beforehand approached Knof a few potential deal in early 2022, earlier than the Ukraine warfare, folks with information of the matter have instructed Reuters.
Commerzbank returns to revenue and rejoins the DAX.
2024
Jan. 23 Knof performed down prospects of a doable merger with Deutsche Financial institution, saying such a tie-up was not underneath dialogue at his financial institution and he was striving to maintain the financial institution unbiased.
Could 15 Commerzbank needs to “tone down” merger hypothesis and is totally targeted on its present technique, which is the “finest prerequisite” to remain unbiased, Knof stated.
Sept. 3 Germany intends to scale back its 16.5% stake as Commerzbank is secure once more years after its rescue, the federal government stated.
Sept. 10 Commerzbank stated Knof wouldn’t search one other time period when his contract ends in December 2025, because the German authorities started to promote a few of its shares.
Sept. 11 UniCredit approached Commerzbank about exploring merger talks, a supply with information of the matter stated, after the financial institution purchased a 9% stake. Commerzbank’s administration mentioned tips on how to maintain the lender unbiased.
Sept. 13 German authorities officers and UniCredit bankers have held talks after the acquisition of the 9% stake, Reuters reported.
Sept. 16 Knof snubbed UniCredit’s overtures, saying he had his personal plans for the financial institution and hoped it may keep unbiased.
Sept. 17 Bettina Orlopp, Commerzbank’s finance chief, stated the German authorities ought to retain its Commerzbank stake.
Sept. 18 Commerzbank ready to place Orlopp accountable for talks with UniCredit, two folks with information of the matter stated.
($1 = 0.8982 euros)
