Commerzbank shares were up 3.2% on Thursday morning, following a report that Italian bank UniCredit is preparing to make a rival bid for the bank which is facing troubles in its discussions for the merger with German lender Deutsche Bank.
According to the Financial Times report, UniCredit’s plan involves gathering a consistent stake in Commerzbank, which has a stock market value of €9 billion, and merging it with HypoVereinsbank, the German lender UniCredit already owns.
The new combined entity would be based in Germany, while UniCredit maintains its headquarters and stocks listed in Milan.
UniCredit, Commerzbank and Deutsche Bank all declined to comment on the report.
UniCredit has been interested in Commerzbank for many years, the FT reported, however the Italian bank is yet to present an official offer.
In Milan, UniCredit shares were down 1.5% on Thursday morning.