Commerzbank shares rose following a report that UniCredit stands ready to make a rival bid for the bank if merger talks with fellow German lender Deutsche Bank fail.
The Financial Times, citing people familiar with the matter, reported Thursday that the Italian bank was prepared to make a multibillion-euro offer for a sizable stake in Commerzbank.
Commerzbank would be merged with German Unicredit subsidiary HypoVereinsbank, the FT reported, and the combined entity would be based in Germany while UniCredit maintains its headquarters and listing in Milan.
