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Business

HVB, UniCredito Italiano Talk Takeover

Munich-based HVB Group said Monday that it was in takeover talks with Italy's second-largest bank, UniCredito Italiano SpA. The outcome of a plan by the Italians to buy the German concern is "subject to considerable uncertainty," HVB officials said in a statement, according to Bloomberg news service. A merger would create one of the 10 largest banks in Europe and result in the continent's biggest-ever cross-border banking takeover, according to Bloomberg. As speculation about merger talks grew last week, HVB shares have risen 5.2 percent, giving HVB a value of $19 billion (15.2 billion).

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