UniCredit and Commerzbank flaunted their financial strength as the fate of one of Europe’s largest banking mergers hangs in balance. Both banks raised their outlooks guidance on Wednesday, as they reported third-quarter results.
Markets are watching for whether UniCredit will press ahead with efforts to lure Commerzbank into a takeover, after the Italian bank unexpectedly built a stake in its German counterpart in September.
Commerzbank has so far shied from UniCredit’s courtship. When the Italian lender showed its hand by using derivatives to build a potential 21% stake in Commerzbank, the German lender appointed a new CEO and sharpened its financial targets.
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