Speaking at the Frankfurt European Banking Congress Friday, Deutsche boss Josef Ackermann said that he had no plans for making acquisitions in the short-term as the bank is busy building up its balance sheet and making efforts to increase its share price. Deutsche will only do deals when it is ready and able to negotiate from a position of strength.
Commerzbank chief Klaus-Peter Mueller told reporters at the same congress that his own bank was not currently involved in any concrete merger talks. Shares in Commerzbank rose sharply Tuesday when WCM, the bank's third largest shareholder, revealed that it had been approached by an unidentified third party, believed to be from America, about the purchase of its 4.9% stake in the bank. Speculation about a hostile bid for Commerzbank then began to mount.
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