Commerzbank Chairman Questions Feasibility of UniCredit Merger

Jens Weidmann casts doubt on a harmonious merger after UniCredit's surprise acquisition of a significant stake in Commerzbank, citing trust issues and German financial sovereignty concerns.

• UniCredit now controls approximately 28% of Commerzbank shares, with 9.5% held directly and 18.5% accessed through financial instruments.
• Commerzbank Chairman Jens Weidmann criticized UniCredit's approach, describing its surprise stake acquisition as lacking in trust-building and good business style.
• Weidmann expressed skepticism about the value of hostile takeovers in the banking sector and their potential to deliver sustainable benefits.
• He emphasized the importance of maintaining two independent private banks in Germany, citing risks to Commerzbank's domestic footprint and Frankfurt's financial center appeal.
• Regulatory approval for UniCredit to increase its stake beyond 10% is expected by March, which could trigger a mandatory takeover offer if the 30% threshold is crossed.

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