Verschmermingen: Commerzbank works council chief Unicredit announces the fight

Verschmermingen: Commerzbank works council chief Unicredit announces the fight

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Commerzbank works council chief Unicredit announces the fight






The Italian bank is driving its takeover plans for Commerzbank. Works council chief Sascha Uebel wants to make Unicredit boss Andrea Orcel difficult. He announces maximum resistance.

Company council leader Sascha Uebel of the Italian Bank Unicredit announces the fight in the survival of Commerzbank. He wants Unicredit boss Andrea Orcel, who drives his takeover plans, as many problems as possible as possible said the German press agency. “We make the way that Orcel has to go in the fight with us, maximum mushy and deep.”

Orcel underestimates the strong right of co -determination in Germany, said the overall and group headquarters of Commerzbank – and announced in the event of a takeover: “He will bite our teeth during the negotiations.”

This week, UniCredit registered for the examination of a Commerzbank share of up to 29.99 percent for the exam this week. At the same time, it is expected that the banking supervision of the European Central Bank, which will also check the Unicredit entry at Commerzbank, will soon give the green light.

So far, UniCredit has secured access to around 28 percent of the shares, but has not presented any takeover offer. Commerzbank advertises an independent course and has announced the reduction of 3,900 jobs in order to become more profitable.

“Operating terminations in fact impossible”

Uebel, who is also the deputy chairman of the supervisory board of Commerzbank, wants to put as many stones as possible in the way of the “painful” job removal. The closed transformation contract at Commerzbank was valid until June 30, 2028, “nothing can be shared for Andrea Orcel. In the event of a takeover, it cannot come in 2027 and announce the reduction of 3,000 other jobs.”

A “cascade of hurdles” was agreed, said Uebel. “For example, early retirement regulations are not capped to a maximum of 300,000 euros, such as partly with various takeover, the UniCredit.” Commerzbank costs an early retirement on average 380,000 euros.

“And we have anchored that a regionally reasonable workplace must be offered so that employees do not have to move to Munich, for example.

By the end of the year, negotiations on the job cuts for which Commerzbank will resign 700 million euros should be completed, said Uebel. A social plan and compensation for interests should already be available until the general meeting on May 15th. Then he expects a “showdown with orcel”.

“Orcel in front of incalculable business case”

Ultimately, there are two ways. “For the shareholders, there is a revised strategy of Commerzbank with ambitious goals on the table, behind the management and supervisory board,” said Uebel. “Or the Unicredit offers 5 euros surcharge per share in a takeover offer, but has the closed worker side and politics against itself with an incalculable business case with a complex IT integration.”

At the same time, Uebel remains realistic. “If Orcel opens the box very far, we cannot prevent a takeover as a works council. But we can achieve a lot for the employees and locations.”

Sprinter bonuses of 50,000 euros in job reduction

In addition, Uebel described further details about the job cuts that Commerzbank wants to cushion with early retirement regulations, partial retirement and natural fluctuation. So there are sprinter premiums of 50,000 euros for employees who accept partial retirement by the end of the year. “Then employees are out by 2027 and hardly have to accept any discounts on the pension. In the end we want to make do with a maximum of 400 termination contracts.”

dpa

Source: Stern

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