UniCredit Raises Commerzbank Stake to 28%, Intensifying Takeover Speculation
The Italian bank's move has drawn sharp criticism from the German government, unions, and Commerzbank leadership over fears of job losses and reduced independence.
- UniCredit now controls 28% of Commerzbank, with 9.5% in direct shares and 18.5% through derivatives, increasing the likelihood of a takeover bid.
- The German government has condemned the move as 'unfriendly' and 'uncoordinated,' citing risks to jobs and the independence of a systemically important bank.
- Under German law, a stake of 30% would require UniCredit to make a formal public takeover offer to remaining shareholders.
- UniCredit CEO Andrea Orcel has emphasized potential synergies between Commerzbank and UniCredit's existing German operations, but unions fear significant job cuts similar to past UniCredit acquisitions.
- Commerzbank leadership and the German state, which retains a 12% stake, remain opposed to the takeover, with the state halting further sales of its shares.
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