(Bloomberg) — Commerzbank AG is considering various smaller potential deals aimed at creating shareholder value, but it won’t do anything “stupid” to fend off a possible takeover by UniCredit SpA, Chief Executive Officer Bettina Orlopp said .
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“We are evaluating some M&A options ourselves, but these are really smaller, targeted acquisitions to improve our value proposition,” Orlopp told Bloomberg Television at the World Economic Forum from Davos on Tuesday.
Orlopp has increased its profitability and distribution targets as it seeks to persuade investors that the bank is better off as a standalone business. It is expected to provide more details on its strategy at an investor day next month. The German government has declared itself opposed to a possible takeover.
UniCredit, under CEO Andrea Orcel, has steadily increased its stake in the German lender in recent months and now controls 28%, largely through derivatives. Orcel said in an interview with Bloomberg TV on Tuesday that he could walk away from any potential deal if he decides it’s not worth it.
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