Possible takeover: Unicredit wants clarity on Commerzbank by the end of the year

Unicredit boss Andrea Orcel would like clarity for the planned takeover of Commerzbank by the end of the year. “Without the support of such an important institution as the federal government, it will be difficult,” said the manager of the major Italian bank to the “Frankfurter Allgemeine Zeitung”. He expressed the expectation “that we can present our view of things.” “Overall, we should know where we stand by the end of the year at the latest,” he said.

The previous federal government under Chancellor Olaf Scholz (SPD) rejected the plans of the major Italian bank. She spoke out in favor of Commerzbank’s independence. After the traffic light coalition collapsed, German citizens are due to elect a new Bundestag on February 23rd. Depending on the outcome of the election and the possible coalitions, the formation of a government may take some time.

Orcel is keeping all options open

At the beginning of September, Unicredit took advantage of the federal government’s partial exit and surprisingly joined Commerzbank on a large scale. Shortly before Christmas, the Milan bank announced that it controlled around 28 percent of the shares. The Italians hold around 9.5 percent of the shares directly and secured access to 18.5 percent through financial instruments. The management of Commerzbank, the works council and the unions are resisting a possible purchase offer.

Commerzbank emphasized on Wednesday: “Before UniCredit’s entry, there was no discussion between UniCredit management and Commerzbank management about a possible combination in the last two years. The approach of establishing and expanding an essential position without coordination is considered hostile to look at.” Nevertheless, they have always signaled their willingness to talk and would examine a proposal from UniCredit. “But we still don’t have a proposal.”