Standoff between Commerzbank and UniCredit: Employees and Shareholders United Against Takeover Plans
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Banks join forces in opposition to takeover proposals - Commercial Bank resisted takeover proposals
Commerzbank is digging its heels in against UniCredit's ambitious takeover attempts. At the annual general meeting in Wiesbaden, employees, management, and shareholder representatives stand together, expressing their firm opposition to the hostile approach of UniCredit CEO, Andrea Orcel.
Protestors outside the venue carry banners reading "No to UniCredit" and "Better off alone." Kevin Voß, secretary of the Verdi trade union, points out, "We want shareholders to keep their shares and not sell to other investors." This call to action was supported by Verdi and works councils, fearing potential job cuts in Germany if UniCredit takes over, affecting both Commerzbank and its subsidiary, Hypovereinsbank.
Commerzbank: A Bank with Bright Horizons
In her address to shareholders, Commerzbank CEO, Bettina Orlopp, emphasizes the bank's bold ambition: "Our primary goal is to establish Commerzbank as a robust force among successful European banks." Although the board remains open to evaluating alternative options, the implementation of their own strategy takes priority. Commerzbank seeks to maintain its independence through reducing costly jobs and boosting profits.
Germany's Federal Finance Minister, Lars Klingbeil (SPD), recently underscored the federal government's perspective, stating that Commerzbank should remain independent as a systemically important bank. The federal government still holds a 12.15% stake in Commerzbank.
Klaus Nieding, vice-president of the German Shareholder Protection Association (DSW), urges the federal government to stick to its guns, stating, "A takeover would not be in the interests of Commerzbank, not the interests of shareholders, employees, and ultimately not in the interests of the German capital market and its companies."
UniCredit: Dissatisfaction with Commerzbank's Progress
Fueled by its recent acquisition of a 28% stake in Commerzbank, UniCredit has positioned itself as a significant shareholder but has yet to make a formal takeover offer. Orcel declared, ahead of the annual general meeting, that UniCredit would wait until 2027 before reevaluating its position regarding the stake in Commerzbank. He considers factors such as dialogue with the new German government, collaboration with Commerzbank on a bilateral level, and the bank's quarterly performance.
- Commerzbank
- UniCredit
- Annual General Meeting
- Wiesbaden
- CEO
- Vereinte Dienstleistungsgewerkschaft
- Bettina Orlopp
- Andrea Orcel
- Milan
- Quarterly figure
- Germany
Additional Insights:- UniCredit's current stake of around 28% in Commerzbank puts it just short of the 30% threshold, which would necessitate a mandatory public bid for the entire bank. The bank has indicated it will wait until 2026 or 2027 to consider its next steps.[4]- Commerzbank's Q1 2025 results show a strong standalone value, with successful AI-driven initiatives and significant revenue growth in some of its subsidiaries like mBank.[3]- Resistance to the potential job losses that might result from a potential merger persists among unions and staff at Commerzbank.[5]
- Despite UniCredit's 28% stake in Commerzbank, Commerzbank's CEO, Bettina Orlopp, is emphasizing the bank's strategy to remain independent, focusing on cost reduction and profit boosting, with industries like vocational training and finance potential areas of growth, according to the bank's Q1 2025 results.
- In response to UniCredit's takeover attempts, Commerzbank's employees, management, and shareholders are advocating for vocational training initiatives in banking-and-insurance sectors, since they believe that maintaining the bank's independence would secure jobs in Germany and foster sustainable business growth, as opposed to a potential merger.
