00:00Unicredit's been pursuing Commerce Bank for at least 18 months. How does this move the needle?
00:06Well, I think this move, you know, the bid is Orchell, the CEO of Unicredit's attempt to break a stalemate.
00:12He used that term today when talking to some investors.
00:15And, you know, the Italians have made this very clear. They want to do this deal.
00:19They want to create a European banking champion.
00:22But like all things in Europe, cross-border, they often become political.
00:25And I think this is the Italian attempt to kind of unlock some discussions, unlock some dialogue with this bid.
00:32Even if, you know, it's quite obvious that this takeover offer won't succeed at the most.
00:36It will increase their stake beyond 30 percent, which gives them more flexibility going forward to build that stake.
00:41Can I just say it feels like all the action has been in Europe this week with the big ticket
00:45deals.
00:45I know you and the team reporting on a potential deal with Cohn and TK Elevator.
00:50What's happening there, Aaron?
00:53Yeah, we're excited over here on this side of the Atlantic to be busier than the U.S. for once,
00:57which isn't common.
00:59But, yeah, we've also seen another attempt to create a manufacturing giant.
01:02So what we broke this week was that Cohn, the Finnish elevator maker, is in talks to buy TK elevators,
01:08the Germanic rival.
01:09And this would create actually the world's biggest elevator maker if it happens surpassing Otis, a familiar name, stateside.
01:16So now the big question is the owners of TKE were looking at an IPO, which would have been a
01:21marquee IPO in Europe versus M&A.
01:24But given the volatility we've seen with the war in Iran, with private credit, with the software meltdown, let's be
01:30honest.
01:30Owners might be keen to do a sale if they get the price they want.
01:33And that's why this deal is back on the table after six years of an attempt from the Finnish side.
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