UniCredit CEO Says Commerzbank Bid Aims to Break Stalemate

UniCredit SpA Chief Executive Officer Andrea Orcel said his takeover bid for Commerzbank AG is aimed at breaking a long-running impasse and forcing talks among stakeholders, as he seeks to revive a deal he has been pursuing for more than 18 months.

“The main purpose of this offer is to break the stalemate,” Orcel said at a conference hosted by Morgan Stanley on Wednesday. The current situation is “abrasive,” he said, adding that “the only way” to resolve the situation is “with a constructive face-to-face engagement.” The talks would hopefully lead to a “common plan” shared by all stakeholders, he said.