UniCredit and Commerzbank are scheduled to meet as a potential takeover looms.

• UniCredit and Commerzbank are scheduled to commence negotiations on Friday, with the latter feeling threatened by a possible acquisition following the sudden rise in UniCredit's shareholding in the bank earlier this month.
• On Friday, Bettina Orlopp, the incoming Commerzbank chief executive, and the other bank's representative will meet to discuss their perspectives.
• At an annual meeting, Commerzbank's current strategy was unanimously supported by the bank's board of managing directors and supervisory board, as evidenced by her comments on Thursday.

UniCredit and its German counterpart are set to begin talks on Friday, with the German bank on the defensive over a potential takeover after the Italian bank unexpectedly increased its stake earlier this month.

On Friday, Bettina Orlopp, the incoming Commerzbank Chief Executive, will exchange views with the other bank's executives, according to Reuters. While speaking at a financial conference, Orlopp stated that the German bank was open-minded, but the speed of synergies and risks needed to be carefully considered.

Earlier this month, UniCredit took a 9% stake in Commerzbank and later this week attempted to increase it to 21%. In a surprising move, UniCredit also requested to hold up to a 29.9% stake in the German bank, indicating a potential takeover bid. The German government, which also owns a stake in the bank, and Commerzbank's management were caught off guard by this action.

According to Reuters, Orlopp stated on Thursday that she would not participate in "insane" discounts or "foolish actions."

Orlopp, a 10-year veteran of Commerzbank, has been announced as the incoming CEO, replacing Manfred Knof who will depart the bank at the end of this month.

The bank's board of managing directors and supervisory board unanimously supported Commerzbank's current strategy at an annual meeting, with the bank stating that the implementation of its strategy plans until 2027 was "progressing rapidly."

Jens Weidmann, chairman of the supervisory board, stated that Commerzbank is maintaining its position as a dominant player in the German banking industry and a dependable ally to the domestic economy.

The board of managing directors has revised its expectations for the bank's return on tangible equity and payouts to shareholders, anticipating a larger increase than previously forecasted.

Commerzbank's supervisory board member, Stefan Wittmann, has stated that he hopes to prevent a hostile takeover and avoid major job losses.

Some investors have recently indicated a willingness to discuss a possible merger.

Earlier this month, Commerzbank was caught off guard by the process, but Orlopp advised a calm response.