Financial market
Commerzbank demands a concept from Unicredit before discussions
The Italians are said to have already offered to discuss the sticking points of a deal and explore possible compromises. But Commerzbank doesn’t want a “backroom deal”.
Commerzbank only wants to talk to Unicredit about a possible takeover on the basis of a written proposal. “We have always signaled our willingness to talk and would examine a proposal from UniCredit in the interests of all stakeholders,” said a company spokeswoman on Friday. “But we still don’t have a proposal.” Back in November, Commerzbank boss Bettina Orlopp is said to have turned down an invitation from Unicredit boss Andrea Orcel with a similar argument.
According to the Financial Times, the two met in November on the sidelines of a conference at the US bank JPMorgan in London. There the Italian presented his vision for a merged institute. The conversation also discussed possible job cuts and the location of a future headquarters. Orcel also suggested a meeting with a small group of employees. However, Orlopp rejected this and initially requested a written proposal.
Both banks did not want to confirm the newspaper’s information. Commerzbank explained that it had had and would continue to have “interactions” with Unicredit – as with any other major investor in our company.
At the beginning of September, Unicredit took advantage of the federal government’s partial exit and surprisingly joined Commerzbank on a large scale. The management of Commerzbank, the works council and the unions are resisting a possible purchase offer.
dpa
Source: Stern
