(Bloomberg) -- Deutsche Bank AG has been speaking with advisers including Morgan Stanley to help evaluate possible responses to UniCredit SpA’s potential takeover of competitor Commerzbank AG, as it wants to remain prepared in an evolving situation.
Morgan Stanley and other external advisers for some time have been helping Deutsche Bank analyze possible scenarios, however unlikely, including building a stake in Commerzbank and a full merger, in an effort to be able to react quickly if that were to become necessary, people familiar with the matter said. Deutsche Bank continues to prefer not to get involved, they said asking not to be named discussing the private information.
UniCredit last month built a 21% holding in Commerzbank, saying a full takeover is possible. The German government is opposing a potential deal and Commerzbank’s leadership has signaled it doesn’t like the idea either.
Deutsche Bank has been exploring options to make it harder for UniCredit to buy Commerzbank as it considers how — or whether — to react to a potential deal that would create a huge competitor in its home market, Bloomberg News reported last month. Options that have come up included buying part or all of the German government’s remaining 12% stake in Commerzbank, people familiar with the matter said at the time.
Deutsche Bank Chief Financial Officer James von Moltke has since signaled that the lender wants to stay on the sidelines, saying it isn’t ready to participate in consolidation.
A representative for Deutsche Bank pointed to von Moltke’s comments and declined to comment further. A spokesperson for Morgan Stanley declined to comment. The Italian newspaper Repubblica first reported on Morgan Stanley’s role.
--With assistance from Arno Schütze.
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