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(Bloomberg) -- Commerzbank AG has its eyes on various potential smaller deals to create value for shareholders, but it won’t do anything “stupid” to fend off a potential takeover by UniCredit SpA, Chief Executive Officer Bettina Orlopp said.

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“We evaluate certain M&A options for ourselves, but that are really bolt-on acquisitions, smaller ones to make our value proposition better,” Orlopp told Bloomberg Television at the World Economic Forum in Davos on Tuesday.

Orlopp has increased profitability and payout targets as she seeks to persuade investors that the bank is better off as a standalone company. She is scheduled to provide more details of her strategy at an investor day next month. The German government has voiced opposition to a potential takeover.

UniCredit under CEO Andrea Orcel has continuously raised its stake in the German lender over the past months and now controls 28%, largely through derivatives. Orcel said in a Bloomberg TV interview earlier on Tuesday that he could walk away from any potential deal if he decides it’s not worth it.

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