Commerzbank CEO Rejects UniCredit Takeover Approach
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The chief executive of German bank Commerzbank rejected a takeover approach from Italian banking giant UniCredit, stating that the offer came without any prior warning or contact. CEO Bettina Orlopp made the remarks Tuesday at a conference organized by U.S. investment bank Morgan Stanley. UniCredit, one of Europe's largest banks, has been pursuing expansion opportunities across the continent as the banking sector faces pressure to consolidate amid low interest rates and increased competition.