Unicredit, German Chancellor Merz Critic Orcel: « On Commerzbank hostile approach, it is unacceptable »
The chancellor writes to the bank’s factory council: «We take the fears expressed by you very seriously. The Finance Minister Monitor «
The new German executive officially takes a position against of Unicredit climb to Commerzbank And it’s not good news for the CEO of the Italian Bank, Andrea Orcel. The German chancellor, Friedrich
Merz stiffens the position of his predecessor Olaf Scholz and says that « the German government is engaged for one Commerzbank strong and independent». A black phrase on white in a letter to the president of the Commerzbank factory council, Sascha Uabel, and his deputy, Nina Olderdissen.
In the letter, which UEBEL published on Tuesday 10 June on LinkedIn, the Chancellor also faces the concerns of the workers’ representation body on possible employment cuts such as those of Hypareinsbank (HVB). The union had recalled that the bank based in Munich had been absorbed by Unicredit in 2005 and had since cut more than 60% of its full -time positions.
« The German government and I personally take the fears very seriously »
« I can assure you that the German government and I personally take the fears you expressed very seriously, both as regards the independence of Commerzbank and for the future of Germany as an economic and financial center – explained Merz – This is particularly true when it comes to a bank of systemic importance like Commerzbank », Merz remarked, according to which the taking of Unicredit would be devastating for Germany, with « an impact. significant »on medium enterprises and on the financing of exports, which depend strongly on bank loans.
Shared location
The letter dates back to May 26 but was published only on Tuesday 10 June on social media by the recipients. Merz also writes: « I share the opinion of the Federal Minister of Finance that an unbelly and unfreded approach like that of the Unicredit group is unacceptable ». Merz, one who has worked in the past in financial institutions such as Axa, HSBC and Deutsche bags, now gives the imprimatur to Berlin’s position After in early May his minister Lars Klingbeil had raised the wall to Unicredit’s overconfine incursion. « The competent Federal Minister is carefully monitoring further developments and will keep me informed about any significant changes ».
Unicredit’s operation on Commerzbank
Piazza Gae Aulenti built a 28% position (9.49% in shares) in the Frankfurt Institute while the German state holds a participation of 12.1%. Ever since the bank led by Andrea Orcel has made official its investment – to which the ECB has given the ok to climb beyond the opa threshold of 29.9% – Commerz’s top management raised a wall Made of buyback up to 10% of the capital, a doubling of the dividend and potential acquisitions, but also of redundancies, such as 3,900 scheduled by 2028 to maintain the perimeter perimeter stable to 36,700 people.
« We have almost all obtained the authorizations and we are patients, we can also wait until 2027, » Orcel explained to the last quarterly, ensuring that there was time to build a less tense relationship with Berlin. But also the background that wanted a meeting between him and the Bettina Orlopp CEO reported that he had not given the desired fruits.
