Takeover target: Pedestrians walk pass a Commerzbank AG bank branch in Hamburg. Italy’s UniCredit SpA and ING Groep NV of the Netherlands are lining up advisers to explore a potential takeover of the German lender. — Bloomberg
THE abandoned merger between Deutsche Bank AG and Commerzbank AG is forcing the two lenders to reconsider their future strategies. Commerzbank, in particular, might be a tempting target for rivals across the continent, who want to build their presence in Germany.
If there were a suitable offer, the German government – which owns 15.5% of Commerzbank – should be prepared to let the lender go. Berlin has been a strong proponent of the “banking union,” which is aimed at creating a unified credit market across the eurozone. Raising barriers against a foreign takeover for partisan reasons would be a hypocritical volte-face.
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