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EU: ING approached Commerzbank about possible merger

By  |  April 17, 2019

ING Group has approached Commerzbank about a possible tie-up, a German magazine reported on Tuesday, April 16. Manager Magazin, citing unnamed sources, reported that ING made the approach to the German government, which owns a stake in the German lender, and to Commerzbank CEO Martin Zielke. But Zielke declined to engage in formal talks, the report stated.

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    ING is the second European lender to show appetite for Commerzbank. In early April, the Financial Times reported that Italian rival UniCredit was preparing a rival bid to take control of Commerzbank should merger talks with Deutsche Bank collapse.

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    A person close to a large shareholder of Deutsche Bank told the Financial Times on Tuesday that the odds of a merger with Commerzbank were shrinking, given the complexity of a potential deal, resistance form staff unions, and the potential need to raise up to €10 billion (US$11.3 billion) of fresh equity. “The odds that a merger will happen have fallen from 80 to 60%,” that person said.

    Full Content: Financial Times

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