Verzaumeringen
Unicredit reaches for Commerzbank – Bund loses majority
Surprising turning point in the team: UniCredit raises its direct participation in Commerzbank and overtakes the federal government as the largest shareholder. Unicredit boss Orcel does not want to give up.
Most recently, the scenario of a Commerzbank takeover seemed far away, now the spectacular turn follows: The Italian Unicredit is increasing to the greatest shareholder of Commerzbank in front of the German state and once more attracts the annoyance of the second largest German private bank. And that’s not all: Unicredit boss Andrea Orcel indicates further offensive steps that the Milan Großbank would bring close to a takeover offer for Commerzbank.
The reaction from Frankfurt is correspondingly angry: “This step is again not coordinated with Commerzbank,” said the Dax Group, who has been trying to maintain its independence for months.
Previously, the Milan Unicredit had announced on Tuesday evening that it doubled her direct share participation at Commerzbank and thus her voting rights from just under 10 percent to around 20 percent. To do this, she converted a good half of the financial instruments she held into stocks and overtook the federal government as the largest Commerzbank shareholder to date. The German state, which Commerzbank had retained from collapse in the global financial crisis with tax billions, still holds a good 12 percent of the shares.
UniCredit already indicates the next goals
The UniCredit, which is already present in Germany via the Munich HypoVereinsbank (HVB), does not want to let it up: According to its own statements, the other around 9 percent to which the large bank has accessed financial instruments “in due course” also wants to convert it into shares.
If the direct participation occurs again, the UniCredit would be close to the threshold of 30 percent, from which it would be legally obliged to make an official takeover offer to the other Commerzbank shareholders.
The Italians had entered Commerzbank in September after the federal government’s part out of the federal government and had secured access to a large Commerzbank share directly through stocks and indirectly via financial instruments. It was only in March that the UniCredit was given the permission of the European Central Bank’s Banking Supervision (ECB) to increase its share in the DAX group to just under 30 percent. The Bundeskartellamt also gave the green light.
Hardly anyone on the bill was the most recent step: Unicredit boss Andrea Orcel had recently said that the Unicredit was “far away” from a takeover offer for Commerzbank. The future of the Unicredit is “very rosy” – with or without takeovers.
The topic seemed to be pushed onto the long bank: the UniCredit could take the decision about a formal purchase offer for Commerzbank until 2027, says Orcel.
Last but not least, Commerzbank’s share price has risen sharply since the UniCredit started, which would make a takeover more expensive. Commerzbank papers also increased on Wednesday, now the bank has a stock market value of more than 35 billion euros.
Letters to the federal government
At Commerzbank, the Unicredit encounters violent resistance. Both management around CEO Bettina Orlopp and the employee representatives reject a takeover. Commerzbank repeatedly advertises an independent course with ambitious return goals and the dismantling of thousands.
“Adaptation of the position of the UniCredit has no effect on our strategic orientation or our ambitions,” emphasizes Commerzbank. The recent recorder results showed “that our independent business model works”.
Orcel bites granite in Berlin
Commerzbank also receives backing from politics. Chancellor Friedrich Merz (CDU) stood behind the bank in a letter to Commerzbank corporate head manager Sascha Uebel: The federal government relies on a “strong and independent Commerzbank”.
Uebel, who is also the deputy chairman of the Supervisory Board of the Frankfurt Dax group, confirmed his resistance in view of the current development: “My attitude and attitude of the works council does not change: Orcel should refrain from his enemy takeover.”
Recently, the UniCredit boss in letters to Merz and Federal Finance Minister Lars Klingbeil (SPD) had promoted the advantages of a merger of Commerzbank and Unicredit with HVB and made concessions in terms of branch network and Germany center-but was thus fired. Now Orcel does justice to his reputation as a tactor: he goes all over.
dpa
Source: Stern
