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4w ago

Merz Labels Unicredit’s Commerzbank Bid 'Hostile and Unacceptable'

Published June 10, the chancellor’s letter to Commerzbank’s works council underscores Berlin’s vow to preserve the bank’s independence by warning of fallout for exporters.

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Overview

  • Chancellor Friedrich Merz in a May 26 letter to Commerzbank’s works council denounced Unicredit’s approach as “hostile” and “unacceptable.”
  • Works council leaders Sascha Uebel and Nina Olderdissen published the letter on LinkedIn on June 10 to highlight staff concerns over potential job cuts.
  • The council cited Unicredit’s 2005 acquisition of HypoVereinsbank, which triggered a 60% reduction in full-time roles at the Munich-based lender.
  • Unicredit holds a 28% stake in Commerzbank, and CEO Andrea Orcel has said the bank can wait until 2027 for remaining regulatory approvals.
  • In response, Commerzbank has launched share buybacks, doubled its dividend and outlined plans to cut 3,900 jobs by 2028 to maintain workforce stability.