What are we to make of this? Is it a bid? Is it not a bid? You've got UniCredit saying it
doesn't expect to actually take full ownership just yet. Yeah, let's try to
unpack what's happened a few minutes ago. So essentially, UniCredit launched a takeover bid
in shares for Commerzbank, and so this is a fact. But at the same time, Andrea Horchel is
saying we don't plan to take full control of Commercebanks with this bid. So why are you
making the bid? So he's making the bid because Credit was already very close to 30%. Commerce
Bank is doing some buyback of its own shares, which probably would have led UniCredit to
cross the threshold. So making a formal bid with a very small premium, 4% versus the
closing price makes UniCredit in the position to then have free hands if they want to further
raise their stake in the future and some. is telling the market, I'm here to stay and I'm
here to open a formal, formal dialogue with the Commerce Bank top management at this
stage. So yes, it is a takeover bid. No UniCredit is not planning to take full control
of commerce banks with the bid, but yes, Andrea Orchel saying we are here to stay.
And Tomaso, you point to that 4% premium and you suggest it's modest. It is modest, and then
you talk about the fact that they want to have talks maybe. Is it, do you get the sense that
Orel is seeing something, hearing something within the, within the kind of halls of power
in Germany that may actually move this conversation further? How is Germany likely to
respond to this? So I mean as we know, Germany so far has
opposed a takeover bid by UniCredit, which has said quite vocally they don't want UniCredit to
make a takeover bid. What has changed at the moment we don't know. We are waiting to get any
feedback from the German government on this from the German authorities. I think that this
is quite crucial somehow that Andrea Hoschel is coming vocally and saying, We are still
interested in Commerzbank. We have a stake which is getting close to 30%. We're making a
bid to cross the 30% stake which gives us a free hands. So if there is a message here that
Andre Ochel is giving is that we are here to stay and we are still interested in making this
deal, and he's starting doing a takeover bid which most likely he's saying won't allow to
take full control, but it is a bid. Hm, OK, so So Masto, this, so it's interesting, so he's
keeping, he's here to stay, he's keeping his options open, maybe suggesting if anybody is
going to take ownership of Commerce Bank, then he's certainly at the table. Uh, but are we any
closer to getting any of these cross border M&A deals done within the banking sector,
because so far they've remained elusive. You know how many years we have been discussing
about the fact, generally speaking in the market that Europe needs strong banks to
compete with the American America, with the Asian, with the Chinese banks. This is
something that everything every politician tells you it is right to do it, but when it
gets to actual bid, then we see again. Nationalists prevailing. Let's see if UniCredit
the commerce but would eventually be the first case when we get to a cross-border big deal in
Europe to start the creation of an independent , bigger, stronger banking industry in the
European Union. We'll see in the coming weeks and months.