Commerzbank CEO tells employees UniCredit talks make sense only after it lays out deal in document

Commerzbank CEO Bettina Orlopp said talks with Italy's UniCredit will only make sense once UniCredit provides the key points it has in mind for a deal. The remark makes any transaction conditional and preliminary, lowering the near-term probability of a negotiated deal and implying limited immediate market impact for both banks.

Analysis

Commerzbank CEO Bettina Orlopp said talks with Italy's UniCredit will only make sense once UniCredit provides the key points it has in mind for a deal. The remark makes any transaction conditional and preliminary, lowering the near-term probability of a negotiated deal and implying limited immediate market impact for both banks.