Unicredit's Bid for Commerzbank Faces Stiff Resistance from German Labor Leaders

Commerzbank's workers and management rally to defend the bank's independence as Italian giant Unicredit seeks regulatory approval for a takeover.

Unicredit has applied to Germany's Federal Cartel Office to acquire up to 29.99% of Commerzbank, signaling its intent to increase its stake in the bank.
Commerzbank's Betriebsrat (works council), led by Sascha Uebel, has vowed to obstruct Unicredit's takeover efforts, leveraging Germany's strong labor protections.
The bank has already initiated a workforce reduction plan involving 3,900 job cuts, with measures such as early retirement incentives and severance packages to avoid forced layoffs.
Unicredit CEO Andrea Orcel is criticized by Commerzbank's labor leaders for underestimating the complexities of German labor laws and the resistance he may face in negotiations.
Commerzbank's management is promoting a strategy of independence, but analysts suggest shareholder priorities and financial offers could ultimately determine the bank's fate.