ING Joins Chase for Takeover Target Commerzbank

ING chief executive Ralph Hamers has approached Commerzbank’s boss Martin Zielke suggesting a cross-border merger of both banks that could include the relocation of ING’s headquarters to Frankfurt, the Financial Times reported. The move from the Dutch adds another twist to the protracted takeover saga over Germany’s second-largest listed lender. People familiar with the matter told the Financial Times on Tuesday evening that both executives had been “informally in touch” over a deal before Commerzbank decided to start official merger negotiations with domestic rival Deutsche Bank in mid-March. The person also said there were currently no talks taking place between the German and Dutch institutions. German business monthly Manager Magazin reported the ING approach first on Tuesday evening. Read more

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