Investing.com -- Commerzbank (ETR:CBKG), the German banking institution, confirmed on Friday that it will not engage in formal discussions with UniCredit until it receives a specific merger proposal from the Italian bank. This comes after UniCredit expressed its interest in a potential merger, causing a stir in Berlin.
Earlier on Friday, it was reported by the Financial Times that Commerzbank CEO Bettina Orlopp declined an invitation from UniCredit CEO Andrea Orcel for informal discussions about a potential merger. This information was provided by sources familiar with the situation.
A spokesperson from Commerzbank stated, "We have consistently signalled our willingness to engage in discussions and would review a proposal from UniCredit in the interest of all stakeholders. However, we have not received any proposal yet."
The spokesperson further clarified that only a detailed proposal outlining the economic and structural terms of a transaction could provide a basis for potential talks. This statement was made in response to a request for comment.
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