The German government has called on Andrea Orcel, CEO of the Italian bank UniCredit SpA, to abandon the acquisition of shares in Commerzbank AG. This is reported by foreign media with reference to a statement by Finance Minister Lars Klingbeil.
The announcement followed a doubling of UniCredit's stake in Commerzbank to 20% after the derivatives were converted into shares. Thus, UniCredit became the largest shareholder of Commerzbank, ahead of the government, which owns 12%. Previously, A.Orsel stated that he intends to eventually convert the remaining "synthetic position" and increase the share to 29%.
A. Orsel postponed the final decision on the acquisition of Commerzbank until 2027. The deal will create the new largest bank in Germany by combining Commerzbank with German lender UniCredit HVB.
The German government views UniCredit's plans to acquire shares in Commerzbank as "unfriendly" and insists on the German lender's independence.
For its part, Commerzbank AG insists on independent decision-making and warns of significant job cuts as a result of the integration of the two banks. Commerzbank is interested in acquiring small assets that will increase value for shareholders.
UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.) is an Italian multinational banking group and a systemically important bank with headquarters in Milan (Italy).
Commerzbank AG is a German banking institution with headquarters in Frankfurt am Main (Hesse, Germany). The Bank offers services to individuals, entrepreneurs and corporate clients.
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