Commerzbank and UniCredit are currently engaged in a contentious exchange regarding a potential acquisition. Commerzbank's CEO, Bettina Orlopp, has stated that the bank will not enter discussions with UniCredit until it receives a formal proposal. UniCredit, led by CEO Andrea Orcel, has amassed a 28% stake in Commerzbank, intensifying the scrutiny surrounding the potential deal. Recent reports indicate that Orlopp has refused to meet with Orcel for high-level negotiations. Commerzbank has reiterated that it has not yet received any proposal from UniCredit, emphasizing the need for a written offer before any talks can commence. This situation unfolds as both banks navigate the complexities of forming a stronger European banking entity amidst competitive pressures.