Commerzbank

In the takeover process by UniCredit, Commerzbank stock briefly rose to near the August 2010 high but then fell sharply on profit-taking ahead of the Fed’s interest-rate decision. A positive industry backdrop and solid remarks from competitors supported the sector, yet market participants largely expect a Fed rate hike. Commerzbank CEO Bettina Orlopp expects higher net interest income in the third quarter, fee growth, stable costs and plans payouts, while uncertainties around the UniCredit situation remain. » More on finanzen.net

In the first meeting between Finance Minister Lars Klingbeil and UniCredit CEO Andrea Orcel, positions remained hardened in the takeover dispute over Commerzbank. Klingbeil demands that Commerzbank remain a publicly listed company based in Frankfurt and that its mid‑market business be preserved; the federal government emphasizes its protection for employees. Orcel called the meeting constructive and pointed to billions in potential savings from a takeover, which could lead to job cuts and a slimming of the foreign network. Further talks are to follow soon, but there were no concrete advances. » More on deraktionaer.de

The federal government intends to retain its shareholding and continue to hold two seats on the supervisory board if UniCredit were to take over Commerzbank. Finance Minister Lars Klingbeil demanded that the bank remain listed in Frankfurt and continue its Mittelstand business in Germany and internationally. After a meeting with UniCredit CEO Andrea Orcel, Klingbeil called the talks constructive and urged responsible negotiations in the interest of the more than 40,000 employees. » More on zeit.de