The CEO of Unicredit says Commerzbank is now too expensive to absorb the offer

Primit CEO Andrea Orsel on Wednesday reported CNBC that the price of a potential absorption goal Commerzbank Currently, too unnecessary is expensive for a transaction with a merger.

Unicredit has created an unexpected share in Commerzbank in the amount of 28% from September through derivatives and has a European Central Bank permit to hold up to 29.9% in the lender.

When asked by Annette Weisbach CNBC whether the Italian bank will start purchasing a premium for the current Commerzbank stock value, Orcel said: “At this (share), we wouldn’t see the values ​​for our investors.

The actions of the German bank, which has fought with the ghost of the absorption since September, has grown by 76% today, using a broad action of German shares after turning Berlin to relax with some financial rules and promote higher protection earlier this year.

Orcel stressed that Unicredit is currently “far” from merging with Commerzbank and will first look for a “constructive decision” for the opposition by the German government.

“In our view, the cost of the stock has gone beyond the basics. There is a big activity that aims to maintain the cost of shares at higher level than you see every day, but we are patient,” Orsel said.

CNBC turned to Commerzbank for comment. The German bank has placed better than expected leads to the first quarterIf net income grew by 29%.

Orsel insisted that his bank was originally invited to the Commerzbank application – but in the Unicredit game, it was met with a constant resistance to both the German lender and the Berlin administration, in the previous coalition of Olaf Scholz and the current Frederick Merzz government.

Most recently, in translated Yandex letter Addressing Commerzbank staff, Mertz said “an unauthorized and unfriendly approach, such as Unicredit,” adding that the Berlin administration “rests on a strong and independent Commerzbank”.

Since the end of last year, Unicredit has been divided between two potential enemy acquisition fronts, and is facing the opposition for simultaneous absorption for Italian peers Bank BPM.