1300 GMT - It could take until 2027 for UniCredit to be convinced that the rally on Commerzbank's shares is deserved and pave the way for a deal, the Italian bank's CEO says at a Morgan Stanley conference in London. It is taking longer than initially anticipated to move forward with its potential takeover plans for the German bank, Andrea Orcel says. It is now a "different transaction" compared to when it first built up a 9% stake in September, he says. "Now we have a unique silver lining from the elongation of this project, which is as a shareholder we're booking a significant gain" on its investment, which now stands at 28%, Orcel says. "We're very comfortable in waiting," he says, adding the bank is focused on executing its plan which might include the integration of Banco BPM if that deal goes through.(elena.vardon@wsj.com)
(END) Dow Jones Newswires
March 19, 2025 09:02 ET (13:02 GMT)
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