Commerzbank and UniCredit talks begin today, with the German bank on the defensive over a possible takeover after the Italian financial institution unexpectedly increased its stake.

Commerzbank’s incoming CEO Bettina Orlop said on Thursday that the two banks would “exchange views” on Friday, Reuters reported. Speaking at a financial conference, Orlop said the German bank had an “open mind” but that the risks needed to be considered.

UniCredit earlier this month acquired a 9% stake in Commerzbank, before increase it to 21% earlier this week and to submit a request to own up to 29.9% in the German bank, hinting at a possible takeover bid.

This action took the German government by surprisewhich also owns a stake in the bank, and the management of Commerzbank.

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