Banking industry
UNICREDIT boss questioned the Banco BPM
Unicredit boss Andrea Orcel actually wanted to swallow Commerzbank – but the deal currently seems to be a long way off. The takeover of a home money house also met with great resistance.
The major Italian bank Unicredit questions the controversial takeover plans for the local Banco BPM. Everything was tried, “but if we cannot solve the problem, which is likely, we will withdraw,” said Group boss Andrea Orcel of the Italian newspaper “La Repubblica”. The UniCredit had recently commented on the possible takeover of Deutsche Commerzbank.
The large bank struggles with political resistance – both in Italy and in Germany. In the Banco BPM case, the Italian government initially inserted its veto by “Golden Power” – an instrument for the protection of strategic sectors. Orcel, who has also entered Commerzbank on a large scale, criticized the step as non -transparent and exaggerated. However, it is not crucial for the bank: the future for Unicredit is “very rosy”, with or without takeovers, according to the group boss.
Banco BPM boss reacts
Banco BPM President Carlo Tononi reacted behavior to orcel statements. If the bank’s offer ultimately fails, “we will look around and check other options,” he said, according to the media at an event at the Italian stock exchange supervision.
In November, the Unicredit announced that Banco BPM wanted to take over BPM in the course of a share exchange of around ten billion. The bank defended itself against it: the offer was not agreed and was not in line with the development of its own house.
Merz against Commerzbank takeover
At Commerzbank, too, the UniCredit encounters violent resistance – both the Federal Government and CEO Bettina Orlopp reject a takeover. Since the Unicredit started in autumn, the Commerzbank share price has increased sharply. In the meantime, a takeover seems very likely. Orcel recently said that the Unicredit was “far away” from a takeover offer for Commerzbank.
Most recently, Chancellor Friedrich Merz (CDU) had stood behind the bank in a letter to Commerzbank corporate headquarters Sascha Uebel. The Federal Government relies on a “strong and independent Commerzbank”. The federal government holds around twelve percent of the Commerzbank shares.
dpa
Source: Stern
