Overview

• Commerzbank has refused to engage in merger discussions with UniCredit without a formal, written proposal outlining terms.
• CEO Bettina Orlopp previously declined an informal meeting with UniCredit's Andrea Orcel at a London conference in November, citing the lack of a concrete proposal.
• UniCredit, which now controls approximately 28% of Commerzbank shares through direct holdings and derivatives, has faced accusations of pursuing a hostile takeover.
• Concerns over potential job cuts and the location of a future headquarters have been central to the resistance from Commerzbank leadership, employees, and unions.
• UniCredit has expressed hesitation to provide written terms, fearing leaks that could disrupt negotiations, while Commerzbank maintains it will only proceed transparently.