Overview

• CEO Andrea Orcel said the 29% physical stake is under UniCredit’s control and is being consolidated, and he added that the bank is under no pressure to act.
• Crossing the 30% threshold would legally require a public offer to remaining Commerzbank shareholders.
• Commerzbank CEO Bettina Orlopp reaffirmed the lender’s independence and said a detailed proposal with numbers would be needed if the threshold is exceeded.
• The German federal government still holds a little more than 12% of Commerzbank and has so far ruled out selling the stake.
• Political and labor critics in Berlin and Frankfurt characterize UniCredit’s approach as hostile, citing fears of job losses and branch closures in any tie-up.