War is lost on two fronts - Giorgetti on UniCredit-BPM

Minister quotes von Clausewitz

By: ansa.it

Nov 25 2024
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War is lost on two fronts - Gi

Economy Minister Giancarlo Giorgetti on Monday said the safest way to lose a war is engaging on two fronts, quoting Prussian general and author Carl von Clausewitz and wondering whether the rule would apply to the case of Italian lender UniCredit which announced a surprise all-share bid for domestic rival Banco BPM earlier in the day.
    "Quoting von Clausewitz, the safest way to lose a war is engaging on two fronts, although maybe the rule won't be true this time", the minister said.
    Italy's lender on Monday launched a 10 billion euro bid for domestic rival Banco BPM, which CEO Andrea Orcel said would take precedence over a potential move on Germany's Commerzbank .
    The offer for Banco BPM comes during an impasse in UniCredit's efforts to buy its German rival - an acquisition opposed by the government in Berlin.
    In September, UniCredit increased its stake in Commerzbank to 21% and filed a request to increase the holding to up to 29.9%.
    Earlier that month, the Italian lender had acquired a 9% stake in Commerzbank, including half from the German government.