FRANKFURT/MAILAND (dpa-AFX) - Commerzbank intends to discuss a possible takeover with Unicredit only on the basis of a written proposal. "We have always signaled our willingness to talk and would examine a proposal from UniCredit in the interests of all stakeholders," a Group spokeswoman said on Friday. "However, we have still not received a proposal." Back in November, Commerzbank CEO Bettina Orlopp is said to have turned down an invitation from Unicredit CEO Andrea Orcel with a similar argument.

According to the Financial Times (Friday), the two met in November on the fringes of a conference of the US bank JPMorgan in London. There, the Italian presented his vision for a merged bank. The conversation also covered possible job cuts and the location of a future head office.

Orcel also proposed a meeting with a small group of employees. According to him, this should have taken place at a weekend, "in a place that nobody knows". There, both sides could have discussed the sticking points of a deal and explored possible compromises. However, Orlopp rejected this and first demanded a written proposal.

Neither bank wanted to confirm the newspaper's information. Commerzbank stated that it had had "interactions" with Unicredit and would continue to do so in the future - "as with any other major investor in our company".

Unicredit had taken advantage of the German government's partial exit at the beginning of September and surprisingly invested in Commerzbank on a large scale. Shortly before Christmas, the Milan-based bank announced that it controlled around 28 percent of the shares. The Italians hold around 9.5 percent of the shares directly and secured access to 18.5 percent through financial instruments. The management of Commerzbank, the works council and the trade unions are resisting a possible purchase offer./stw/knd/men