Commerzbank said it would enter talks with UniCredit to buy the German bank, ending months of resistance to the unwanted Italian takeover offer.
The bank's chairman, Jens Weidmann, said that the Italian bank's dominance of its shareholder base meant "constructive talks" were needed to establish a framework in the interests of shareholders and staff.
Weidmann expressed regret about the move, saying the bank would have preferred a different outcome, but signaled that he had little choice but to enter the talks with Italy's UniCredit (CRDI.MI).
"We have to have constructive talks to establish the key parameters for staff, shareholders and the customers of the bank," Weidmann said in a statement.
"Everyone needs to act like adults now, because one thing is certain: These discussions are in UniCredit's interest as well, and there will be no shortcut via Berlin," he said in the statement to Reuters on Friday.
