A takeover of Commerzbank by Unicredit is getting closer. Works councilor Sascha Uebel doesn’t want to accept this without a fight and blames the Ministry of Finance for the situation.
Capital: Mr. Uebel, what do you as the works council say about the current situation surrounding Commerzbank?
SASCHA UEBEL: Unicredit became Commerzbank’s second largest investor overnight. I have been a Commerzbanker for 20 years and during this time we have been supposedly swallowed up or dismantled so many times and were almost bankrupt. But now we are back in the DAX, winning prizes and have a good plan for the future. The takeover attempt comes at a bad time for us. We are fighting for Commerzbank’s independence because, in our opinion, around two thirds of the jobs could be destroyed. So far, Mr. Orcel (Head of Unicredit, editor) He has only discussed cost savings and has not yet said anything about opening up new or expanding existing business areas.
Disclaimer Capital
They fear that if Commerzbank is taken over by Unicredit, it will suffer a similar fate to Hypovereinsbank (HVB), which was swallowed up by Unicredit in 2005.
Yes, HVB was changed from a stock corporation to a GmbH and decisions are now made from Milan. There were massive job cuts and branch closures. A takeover by Unicredit would lead to a profound restructuring within Commerzbank, which could probably also result in further massive job cuts. We are fighting against this with all our might.
Sascha UebelDo you believe the federal government was surprised by Unicredit’s action?
I don’t want to speculate about that. I’m not interested in finding someone to blame. But it applies, to process what happened. When the federal government announced on Friday that it did not want to sell any more shares for the time being, it was a first major success in which we as the works council were also involved. On Monday there was news that Unicredit could increase its share to up to 29 percent. The Federal Ministry of Finance screwed this up and has to answer for it.
How do you assess the federal government’s behavior in the past few days?
Chancellor Scholz has positioned himself in favor of Commerzbank’s independence by speaking out against the takeover. He even described them as hostile. We are of course pleased about such a clear statement.
Unicredit boss Andrea Orcel has offered to sell his shares again if Unicredit is not wanted. Both the government and the employee representatives have now made this clear. What do you think of him?
I don’t know Mr. Orcel personally. His approach was strategically well thought out. But his words and his actions clearly seem contradictory. For me, this calls his credibility into question – and I shouldn’t be alone. If there is no trust, I see no possibility of working together or negotiating anything.
STERN C Lindner Comment 17:08
What role do major shareholders like the fund company Union Investment play, which is now calling for an “open-ended dialogue” about the future of Commerzbank?
All shareholders play an important role and I am convinced that open-ended discussions must be held. But it must first be proven that a possible takeover by Unicredit is the better business case.
How do you imagine the future of Commerzbank?
I hope for calm waters because our employees have worked very hard to get the bank back on the road to success. For Germany as a business location, the disappearance of today’s Commerzbank means the loss of a bank that plays a significant role in financing the economy and especially medium-sized businesses.
Would you agree to a compromise whereby the federal government obliges Unicredit, for example, to make Frankfurt an important second headquarters for the bank?
I don’t think so at all. Mr. Orcel didn’t even come to Frankfurt to talk to our board about a possible future. What he has instigated is an unfriendly, hostile act overnight, secretly through the back door. This has never happened before in Europe and it shouldn’t happen. What do you think will happen now? All the smaller banks that are potential takeover candidates are certainly getting nervous now. What we are currently experiencing is a warning example. This also destroys trust in Europe, for example with a view to a possible banking union.
Would you like to sit down with Mr. Orcel?
Of course, but that’s not my job. Ms. Dr. Orlopp (new head of Commerzbank, editor) had a first conversation with him this Friday.
What steps does the works council have planned next?
We are well positioned and will make things as difficult as possible for Unicredit. Mr. Orcel seems to surprise us every week and I think we should surprise him now too. We have accepted the challenge.
Source: Stern
