UniCredit CEO Andrea Orcel told
Bloomberg TV in Davos Tuesday Italy's second biggest bank was
ready to withdraw from its apparent takeover bid for Germany's
second biggest bank Commerzbank if there was no value in the
operation.
UniCredit recently upped its stake in Commerzbank to 28% irking
the German government, which on Monday said hostile takeovers
were not right for systemic banks.
Orcel said UniCredit would be ready to reach an agreement with
Commerzbank if it did not see its value.
When asked if he was ready to abandon the operation on the
German institution, he replied: "Yes, of course".
"Mergers and acquisitions add value if they are carried out
under the right conditions, at the right time and in the right
way", Orcel said, adding: "Otherwise, stay away".
On the home front, Orcel said it was "premature" to say whether
UniCredit would up its all-share offer for Italy's third biggest
bank Banco BPM.
The current offer is a fair "starting point," Orcel said.
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