Possible takeover
Cartel office approved Unicredit entry at Commerzbank
The Bundeskartellamt gives the green light for the entry of Milan Bank at Commerzbank. There are enough competitors for private and corporate customers. It is a stage victory for the Unicredit.
The UniCredit is making a possible takeover of Commerzbank: The Federal Cartel Office approves a participation of the Italians of 29.99 percent in the Frankfurt money house. “Already due to the registered minority acquisition, there is a strengthening of the Unicredit market position in private and corporate customer business in Germany,” said Kartellamt boss Andreas Mundt, according to the announcement. However, “other important competitors work in all areas”. Therefore, the authority has released the project.
At the end of February, the UniCredit had registered the takeover of a Commerzbank share of up to 29.99 percent at the Federal Cartel Office for the examination. In March, the European Central Bank’s banking supervision had already raised no objections to almost 30 percent against increasing the shares.
Unicredit boss Andrea Orcel has been working on a takeover of Commerzbank for months. The Milanese Bank had used the federal government’s part of the Commerzbank in September and had entered Germany’s second largest private bank on a large scale. According to previous information, the UniCredit controls a good 28 percent of Commerzbank shares: 9.5 percent directly via stocks and 18.5 percent via financial instruments. From a 30 percent share, the Unicredit would be obliged to submit a purchase offer.
A lot of resistance from Germany
The UniCredit in March explained that a decision as to whether the UniCredit wants to go with Commerzbank will probably no longer be falling this year. Orcel relies on discussions with the new federal government. The federal government still holds a good twelve percent at the institute. The Federal Government, the State of Hesse, the Commerzbank top and employee representatives reject the procedure of the UniCredit. Orcel repeatedly praises the advantages of a merger, but most recently the tones were cautious. UniCredit’s behavior reacted to the green light of the Federal Cartel Office: Commerzbank remains an investment, it said.
Commerzbank advertises with increasing dividends and ambitious return goals among its shareholders for the independence of the institute, which is an important partner for many German medium -sized companies. Commerzbank also wants to be more profitable with a job reduction: Despite a record win, the institute recently announced the reduction of around 3,900 full-time positions.
dpa
Source: Stern
