Commerzbank (CRZBY) CEO Bettina Orlopp rejected an invitation from Andrea Orcel to hold talks about a potential tie-up with UniCredit (UNCRY) and has instead insisted on receiving a written proposal before beginning discussions, Olaf Storbeck, Florian Muller, and Ortenca Aliaj of The Financial Times reports, citing people familiar with the situation. UniCredit’s CEO met Orlop in November at a JPMorgan Chase conference where he provided a broad outline of his vision for Commerzbank, the journal’s sources added. Orcel then suggested the two chiefs should hold a further meeting with a small group of staff, but Orlopp rejected the idea, arguing she needed a written proposal to decide if any further meeting made sense.
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