UniCredit aims to acquire Commerzbank in fourth quarter, Orcel says

According to CNBC, UniCredit is aiming to acquire Commerzbank in the fourth quarter, with CEO Andrea Orcel saying the Italian bank could move then or possibly later. Orcel said UniCredit is close to full control of the German lender after lifting its stake to 48%, and he said the bank is pleased with its position in Commerzbank. He added that UniCredit has raised its full-year guidance after reporting its best-ever second-quarter and first-half results on Thursday. UniCredit said the Commerzbank deal has shifted from an attractive financial investment to a strategic transaction with substantial industrial value creation. The Italian bank's net profit fell 13% to 2.9 billion euros ($3.3 billion) in the second quarter, and its full-year net profit target was upgraded to more than 11 billion euros.