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FINANCIALS: CMZB Board "Open To... Talks" With UCGIM. Raises Probabilities.

FINANCIALS

Commerzbank (CMZB: Baa2 pos/BBB) equity up this morning (no surprise) and headlines indicating board is open to talks, which is about as positive as ever seen in bank M&A situations. Has to raise the probability of a wider deal, we feel – spread positive for CMZB, less so for UCGIM.

  • “*COMMERZBANK OPEN TO TIE-UP TALKS AFTER UNICREDIT TAKES STAKE:FT
  • *COMMERZBANK: UNICREDIT’S STATEMENT TESTAMENT OF OUR PROGRESS
  • *COMMERZBANK: CAN'T COMMENT ANY FURTHER ON UNICREDIT STATEMENT
  • *GERMAN GOVERNMANT SAYS IT WILL ANALYZE COMMERZBANK SITUATION” - BBG

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