Commerzbank Hires Goldman, Rothschild as Advisers, FT Reports
Commerzbank Hires Goldman, Rothschild as Advisers, FT Reports
(Bloomberg) -- Commerzbank AG has hired Goldman Sachs Group Inc. and Rothschild & Co. as financial advisers as the German lender faces possible takeover bids from European competitors, the Financial Times reported, citing unidentified people.
The firms are advising Commerzbank on its options and not necessarily preparing a defense strategy for any acquisition attempt, the newspaper reported one of the people as saying. Representatives from Commerzbank, Goldman Sachs and Rothschild declined to comment, the FT said.
Shares of Commerzbank have jumped 58 percent this year as speculation of a takeover mounted. The lender, which was bailed out by the German government in 2009, is carrying out a turnaround strategy that seeks to boost profitability by cutting costs and winning market share in the competitive domestic retail market.
UniCredit SpA and BNP Paribas SA are among banks that are said to have expressed interest in the Frankfurt-based lender, and U.S. buyout firm Cerberus Capital disclosed owning a 5 percent stake in July. Credit Agricole SA’s Chief Executive Officer Philippe Brassac signaled his bank’s interest in an interview with Handelsblatt published earlier this month.
To contact the reporter on this story: Russell Ward in Tokyo at rward16@bloomberg.net.
To contact the editor responsible for this story: Marcus Wright at mwright115@bloomberg.net.
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