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Date	26/03/2000
Companies	BANCO SANTANDER CENTRAL HISPANO - BANCA INTESA -
Subject	Generali, Intesa & BSCH consortium bid for Commerzbank?

	Handelsblatt suggests that Generali, Banca Intesa and Banco Santander Central Hispano are considering a joint bid for Commerzbank and that it may get Cobra Beteiligungsgesellschaft's support also. The story suggests that Generali wishes Adig the fund management arm, Intesa, the Investment Banking and BSCH Comdirect. The three would then try and unload the branch network to Bank24. If the three were to combine with Cobra they would have direct control of around 30% of the shares. Generali & Intesa are linked through Mediobanca and have a number of common interests. Generali do not currently enjoy a good relationship with BSCH and the two are unlikely to renew their Bancassurance deal. Both sides blaming the other for its low levels of business. It would seem highly unlikely that Commerzbank would voluntarily agree to such a scheme. Therefore if there is truth to the rumours would such a consortium bid be willing to mount a hostile bid? Though the German market is changing quickly a hostile bid would undoubtedly create many concerns within Germany. Meanwhile reports suggest that after a cautious start the talks between Commerzbank and Dresdner are now proceeding well and that both sides are more optimistic as to a positive outcome.
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