Various: Unicredit reaches for Commerzbank – Bund only number 2

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. The Unicredit from Milan, on the other hand, that is already present through HypoVereinsbank (HVB) in Germany does not give up: it wants to raise synergies between HVB and Commerzbank, for example, with a takeover of private and medium-sized customers.

The Unicredit had announced on Tuesday evening that it doubled its direct share participation at Commerzbank and thus its 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, holds a good 12 percent of the shares.

UniCredit already indicates the next goals

UniCredit does not want to let up: the other around 9 percent to which the large bank has access to financial instruments, according to its own statements, also wants to convert “in due course” into shares.

If this occurs, the unicredit would be close to the threshold of 30 percent, from which it would be legally obliged to make the other Commerzbank shareholders an official takeover offer.

The Italians had entered Commerzbank in September after the federal government’s part-time exit the federal government and had secured access to a high 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. With a possible takeover of Commerzbank, the UniCredit would not have to fear resistance from the competitive keepers, said cartel chief Andreas Mundt: “If there would be a subsequent decision, I do not see that we would see it differently – the standards are always the same, that makes no difference.”

Many had already ticked off the topic

Hardly anyone had the most recent step of the UniCredit on the note: Recently, boss Orcel had 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. The papers also increased on Wednesday, and Commerzbank now has a stock market value of more than 35 billion euros.

At Commerzbank, the Unicredit encounters violent resistance. Both management around boss Bettina Orlopp and the employee representatives reject a takeover. The group advertises an independent course with ambitious return goals and the dismantling of thousands of jobs.

“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

Politics also come back. 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”. On Wednesday, a spokeswoman for the Federal Ministry of Finance emphasized that the Federal Government rejected the “again unanswered and unfriendly” approach of the UniCredit.

Also Uebel, the bank’s vice-supervisory board head, also confirmed his resistance: “My attitude and attitude of the works council does not change: Orcel should refrain from his enemy takeover.”

Orcel had recently promoted Merz and Finance Minister Lars Klingbeil (SPD) for a merger and offered concessions regarding the branch network and Germany center – but was then flashed off. Now Orcel does justice to his reputation as a tactor: he goes all over.