(Bloomberg) -- Commerzbank AG Chief Executive Officer Manfred Knof said he’ll study any proposals coming from UniCredit AG after the Italian lender bought a stake and said it wants to play an active role in the German rival’s strategy.
The two banks have been in contact, Knof confirmed Monday at a conference in Berlin, after UniCredit disclosed last week it had acquired a 9% stake in Commerzbank.
“We are, of course, convinced of our own plan,” Knof said. “But if someone else has good ideas and presents them, we are professional enough and will look at them and consider them responsibly.”
Commerzbank emerged from a painful restructuring with a record profit last year, prompting the Germany to kick of a partial sale of its stake this month. But UniCredit’s approach has underscored that the country’s second-largest listed bank remains a takeover target, a decade and a half after the government had to bail it out in the financial crisis.
Management led by Knof is now reviewing options how to respond, including a possible defense strategy, Bloomberg has reported. Knof announced shortly before UniCredit’s stake became public that he wouldn’t seek another term when his contract expires at the end of next year, adding a further wrinkle to any strategic planning.
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