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German FinMin denies report it favors Commerzbank-BNP Paribas merger
September 21, 2017 / 11:58 AM / 3 months ago

German FinMin denies report it favors Commerzbank-BNP Paribas merger

BERLIN (Reuters) - The German government denied a report that it favored a merger of state-backed Commerzbank (CBKG.DE) with France’s BNP Paribas (BNPP.PA), saying it was not in negotiations to divest its 15 percent stake in the German lender.

A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski

“The report by WirtschaftsWoche is not correct. There are no negotiations and we have not mandated an investment bank,” the finance ministry said in a statement.

It said it was not under time pressure to divest its stake in Commerzbank and reiterated that it aimed for a good result for the taxpayer.

The report published by WirtschaftsWoche earlier on Thursday had helped push up shares in Commerzbank by as much as 5 percent to 11.41 euros.

The German government would need to get at least 18 euros per Commerzbank share in any sale to avoid a loss on its investment.

Reporting by Michael Nienaber; Writing by Maria Sheahan; Editing by Arno Schuetze

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