Financial industry
Clear-cutting during Commerzbank takeover? Unicredit disagrees
The major Italian bank controls around 28 percent of Commerzbank, employee representatives fear a takeover – and the loss of 15,000 jobs. Now Unicredit is defending itself.
The major Italian bank Unicredit categorically rejects warnings of a clear-cutting of the DAX group in the takeover battle for Commerzbank. This involves estimates of potential job cuts by Commerzbank works council chairman Uwe Tschäge should there be a takeover of Germany’s second largest private bank.
“The claims made by Mr Tschäge about a possible merger have no basis; in particular those about the magnitude of job cuts are completely out of thin air,” emphasizes Unicredit in a statement. “UniCredit is, at this point, merely an investor in Commerzbank, and any assertion about what may or may not happen in the future is pure speculation.”
Works council paints a bleak scenario
Tschäge recently told the “Handelsblatt” that two thirds of all jobs in Germany could be lost if Unicredit were to take over. “There is a risk of a good 15,000 jobs being cut.”
Shortly before Christmas, the Milan-based institute surprisingly announced that it had expanded its influence at Commerzbank and now controlled around 28 percent of the shares. Unicredit holds around 9.5 percent of the shares directly, and has also secured access to 18.5 percent through financial instruments. The works council and unions are resisting a possible purchase offer. The federal government also rejects Unicredit’s approach.
Unicredit emphasizes interest in Commerzbank
The major Italian bank further wrote that the success of the Unicredit strategy was the result of significant investments in employees and branches. That will continue to be the guiding principle. “To claim otherwise is irresponsible and creates unjustified, worrying uncertainty not only in the market, but also for the very people the works council is supposed to represent and serve.”
At the same time, Unicredit emphasized: “Our interest in Commerzbank expresses our long-term commitment to the German market and to creating a stronger and better bank for Germany.”
Unicredit had previously announced that it would seek supervisory approval for a Commerzbank stake of up to 29.9 percent. The corresponding approval process has been initiated. From a stake of 30 percent, the Milan bank would be obliged to submit a public takeover offer.
Shareholder structure Commerzbank
dpa
Source: Stern
