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Commerzbank Secures Broad Support Against UniCredit Takeover

At its shareholder meeting, Commerzbank solidified resistance to UniCredit's acquisition efforts, backed by employees, unions, and the German government.

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Overview

  • Commerzbank's shareholder meeting in Wiesbaden showcased unified opposition to UniCredit's 28% stake and potential takeover plans.
  • CEO Bettina Orlopp emphasized the bank's strong financial performance, including a record €834 million Q1 profit and a dividend increase to €0.65 per share.
  • A new social plan was finalized to cut 3,900 jobs by 2028, ensuring the restructuring strategy 'Momentum' is implemented with worker safeguards.
  • Germany's federal government, holding a 12% stake, reaffirmed its stance on maintaining Commerzbank's independence as a systemically important institution.
  • UniCredit CEO Andrea Orcel signaled he could delay any formal takeover bid until 2027, avoiding the 30% ownership threshold that mandates a public offer.