Commerzbank Quips UniCredit Doesn’t Know Its Business Model

Commerzbank AG reacted with sarcasm to a recent campaign by UniCredit SpA against it, highlighting the escalating rhetoric in a takeover campaign that’s already lasted for more than 19 months.

“UniCredit apparently doesn’t know our business model,” a spokesman for the German lender said by email, alleging that a presentation about Commerzbank’s strategy published by the Italian bank last week highlighted countries where the bank isn’t present physically.