Commerzbank Approaches UniCredit on Merger

German "Commerzbank" has invited Italian "UniCredit" to begin direct negotiations regarding the terms of the merger, following a reduction in its resistance to the takeover and "UniCredit" increasing its stake to 48%, thereby gaining influence in decision-making. Chairman of the Supervisory Board, Jens Weidmann, confirmed that current conditions call for constructive negotiations to serve the interests of employees, shareholders, and customers, ruling out any shortcuts through Berlin. This comes after mutual accusations between the two parties and "UniCredit"'s rejection of the German government's invitation for direct talks, with expectations that the implementation of "UniCredit"'s strategy at the bank will begin next January.

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