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The acquisition of Commerzbank may be the beginning of consolidation in Europe (traders.lt)

Commerzbank įsigijimas gali būti konsolidacijos Europoje pradžia (traders.lt)

Analysts at JP Morgan Chase believe that Italy's UniCredit's possible takeover of Germany's Commerzbank could trigger a wave of mergers and acquisitions in the European banking sector, during which share prices of the targets of such deals will rise, according to Bloomberg.

On Wednesday, UniCredit revealed itself as Commerzbank's second largest shareholder. Bank of Italy CEO Andrea Orcel hinted in an interview with Bloomberg that a takeover bid for the German bank is one of the options under consideration.

"M&A in the banking sector has historically been driven by the dynamics of announced deals. We can expect more information on European bank mergers and acquisitions, which would be positive for the valuations of banks considered for the purposes of such transactions," JP Morgan analysts remind.

They cited Italy's Banco BPM and Banca Monte dei Paschi di Siena, France's Societe Generale, Portugal's Banco Comercial Portugues and Britain's Standard Chartered as among the banks that could be involved in mergers and acquisitions.

JP Morgan raised its recommendation on shares of Commerzbank, as well as ABN Amro Bank and Banco BPM.

In light of UniCredit's potential takeover bid for the German bank, JP Morgan believes it could reach around 17.60 euros a share, which would represent a premium of around 20 percent for Commerzbank stockholders at the end of Wednesday's session.

Meanwhile, Bloomberg has unofficially learned that Commerzbank's board is analyzing a defense strategy against a UniCredit takeover. It is not known whether such a deal would have political approval, as it would create the largest bank in Germany.

News source

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