UniCredit, Commerzbank Financial Strength
This is a Italy news story, published by CNBC, that relates primarily to Olaf Scholz news.
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largest banking mergersCNBC
•UniCredit and Commerzbank square off with target hikes amid takeover battle
87% Informative
UniCredit posts 8% year-on-year hike in net profit to 2.5 billion euros ( $2.25 billion ) Commerzbank reveals 6.2% drop in third quarter amid a broader drop in net interest income and higher risk provisions.
Markets are watching for whether UniCredit will press ahead with efforts to lure Commerzank into a takeover.
German government has yet to bless the potential union, with Chancellor Olaf Scholz slamming "unfriendly attacks, hostile takeovers".
Fitch Ratings upgraded its rating on UniCredit 's long-term debt to BBB+ — just above the BBB grade of Italy 's sovereign bonds.
Orcel brushed off the exposure risks associated with its stake build in Commerzbank and a potential takeover.
UniCredit will only march ahead "if it gives us the returns out investors expect, actually".
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