BREAKING NEWS

BREAKING NEWS

BNP chairman says 'no rumour, no comment' on possible Commerzbank tie-up

Now Reading:

BNP chairman says 'no rumour, no comment' on possible Commerzbank tie-up

Text size Aa Aa

FRANKFURT (Reuters) – Jean Lemierre, chairman of the board of BNP Paribas <BNPP.PA> dampened speculation that France’s biggest bank is interested in a tie-up with Germany’s Commerzbank <CBKG.DE>. “We are good friends. But we are friends. Competitors. And we like it,” Lemierre said on Friday at a banking conference in response to a question. “No more, no rumour, no comment,” he said, while seated next to Commerzbank CEO Martin Zielke. Several people close to the matter said last month that Commerzbank is working with two investment banks to be prepared in case of a takeover bid from a European rival. The German government, which still holds a 15.6 percent stake, has denied a report that it favoured a merger of Commerzbank with France’s BNP Paribas. Separately, Italy’s UniCredit <CRDI.MI> has recently told Berlin it is interested in eventually merging with Commerzbank, according to people close to the matter. The investment of U.S. buyout fund Cerberus in both Commerzbank and peer Deutsche Bank <DBKGn.DE> has added fuel to speculation that a merger between the two may be on the cards eventually.

(Reporting by Tom Sims; Editing by Adrian Croft)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.