UniCredit CEO shifts focus to Banco BPM offer in Italy after Commerzbank resistance in Germany

UniCredit CEO Andrea Orcel has shifted his focus from pursuing a takeover of Commerzbank in Germany to a €10 billion offer for Banco BPM in Italy. This change comes amid strong opposition from German corporate leaders against a potential Commerzbank deal. Resistance in Germany has been significant, with concerns about job losses and the impact on lending to small businesses. Orcel's previous efforts to build a stake in Commerzbank faced backlash from politicians and industry groups, leading to a perception that his bid is unlikely to succeed. Orcel's strategy now includes strengthening UniCredit in Italy while potentially revisiting the Commerzbank opportunity later. He acknowledged that upcoming elections in Germany complicate any immediate moves regarding Commerzbank.