Commerzbank

A survey of 334 CFOs, finance heads and treasurers shows that 75% view the planned takeover of Commerzbank by Unicredit critically; among Commerzbank customers opposition rises to 79%. The Mittelstand is especially skeptical (81% in the revenue bracket €250m–€1bn). 64% say their banking policy has changed because of the announcement, almost half are rethinking their banking pool, and 15% already report concrete effects on business relationships. 62% fear negative consequences for Germany as a business location; many expect higher financing costs and less competition. » More on finanzen.net

Federal Finance Minister Lars Klingbeil describes talks with UniCredit on the takeover of Commerzbank as constructive, but continues to stress the federal government's conditions on the Frankfurt location, job protection and financing for small and medium-sized enterprises. Teams on both sides are in contact after UniCredit received permission from the ECB to raise its stake in Commerzbank beyond 30 percent. The federal government is also reviewing changes to takeover law, and the EU Commission is expected to decide on the deal by November 16. » More on capital.de

The ECB’s banking supervision has, according to the report, given Unicredit the green light to convert the Commerzbank shares acquired through an exchange offer into its own shares. The approval bolstered the Commerzbank share and led to a premarket rise of around 0.5 percent. Overall, the DAX gained momentum from a recovery in tech stocks, which supported the positive market sentiment. » More on manager-magazin.de