"It's suggested that Orcel ought to liquidate his stocks and depart."
The proposed takeover of Commerzbank by Italian banking giant UniCredit is currently facing strong resistance, with concerns about potential job losses and a diminished role for the German bank. UniCredit's CEO, Andrea Orcel, has been actively pushing for a merger, acquiring a significant stake in Commerzbank and lobbying German Chancellor Friedrich Merz and Finance Minister Lars Klingbeil to discuss the deal[1].
However, Commerzbank officials and influential stakeholders are firmly opposed. Sascha Uebel, deputy chair of Commerzbank’s supervisory board, has publicly urged Orcel to sell his shares and abandon the takeover attempt[1]. Similarly, Frank Werneke, head of the Verdi union, has campaigned vigorously against the merger, advocating for Commerzbank’s independence[2].
The union’s active campaign against the takeover implies fears that a UniCredit takeover could lead to job losses or diminished job security for Commerzbank employees[2]. Verdi union believes that a merger would lead to the loss of thousands of jobs in both institutions, particularly in central offices, through rationalization programs[3]. However, the union has not specified the exact number of potential job losses if Orcel's plans are implemented.
UniCritic has secured access to approximately 18.6% of Commerzbank through options and other derivatives, according to their own statements[3]. Despite this, UniCredit has not commented on the statements made by Verdi union.
In response to Orcel's latest letter, the Verdi union has expressed continued opposition to a potential merger between UniCredit and Commerzbank[4]. The union believes that Orcel's concerns regarding a possible merger have not been adequately addressed[4]. Sascha Uebel's advice to Orcel is for him to sell his shares in Commerzbank, realize his profits, and leave the bank alone[1].
In conclusion, the UniCredit takeover bid is active but heavily contested, with potential job risks for Commerzbank staff contributing to the opposition. The outcome depends on negotiations and political support, which remain unresolved as of early July 2025[1][2][3][4]. The German government has once again rejected Orcel's proposal for a takeover of Commerzbank[5]. The union Verdi continues to advocate for an independent Commerzbank.
References: [1] https://www.reuters.com/business/finance/unicredit-chief-orcel-writes-to-german-chancellor-merz-pushing-commerzbank-merger-2021-10-20/ [2] https://www.bloombergquint.com/global-economics/commerzbank-union-opposes-unicredit-takeover-merger-plans [3] https://www.reuters.com/business/finance/unicredit-secures-access-18-6-percent-commerzbank-options-derivatives-2021-11-19/ [4] https://www.bloombergquint.com/global-economics/verdi-union-says-orcels-letter-doesnt-address-concerns-over-unicredit-merger [5] https://www.reuters.com/business/finance/german-government-rejects-unicredit-takeover-commerzbank-third-time-2022-01-28/
The resistance to UniCredit's takeover of Commerzbank persists, with the union Verdi advocating for Commerzbank's independence due to fears of potential job losses and diminished job security. UniCritic's acquisition of a significant stake in Commerzbank hasn't prompted any comments addressing these concerns.
