UniCredit CEO Andrea Orcel said he'll put his yearslong effort to buy Commerzbank on hold if his takeover bid fails to win him control over the lender. "If we do not reach control, we will take a pause, and we will focus on other topics that we have internally," Orcel said on Bloomberg Television.
German lender Commerzbank AG says it has formally rejected Italian rival UniCredit Spa's latest takeover proposal, saying it lacks value and undermines trust. Bloomberg's Tom Metcalf reports.
Chancellor Friedrich Merz said he plans to convene Germany's national security council, adding that the council is empowered to take immediate action to ensure the nation's energy security if needed. Meanwhile, Germany's sovereign wealth fund, known as Kenfo, is abandoning long-held restrictions on investing in weapons manufacturers. Bloomberg's Oliver Crook reports.
Ifo President Clemens Fuest discusses the outlook for German growth after business confidence brightened more than anticipated in February, adding to hope that Europe's largest economy is emerging from a yearslong malaise. An expectations index by the Ifo institute increased to 90.5 from a revised 89.6 in January, above the median estimate of 90 in a Bloomberg survey. Fuest speaks on Bloomberg Television.
Chancellor Friedrich Merz's ruling coalition faces a key vote in parliament on a pension bill. A group of about 18 younger lawmakers from his own party has rebelled against the bill, which is due to go to a final ballot in the Bundestag at around 12:30 p.m. in Berlin. The move threatens to wipe out the coalition's majority of just 12 seats and deal another blow to Merz's credibility. Bloomberg's Oliver Crook reports.
