Commerzbank Denounces UniCredit's Hostile Approach, Escalating Tensions
Commerzbank AG has intensified its opposition to UniCredit SpA's takeover bid, further straining relations between the two European lenders.
UniCredit's strategy of acquiring a stake in Commerzbank and considering a buyout has been labeled "hostile" by a Commerzbank spokeswoman, marking the first time the German bank has used such a term.
The heightened rhetoric stems from UniCredit's initial stake acquisition in September, which has drawn skepticism from Commerzbank's leadership. While CEO Bettina Orlopp has previously expressed doubts about the potential benefits of a merger with UniCredit, she has refrained from outright rejection.
However, in a recent statement, Commerzbank asserted its willingness to engage in discussions with UniCredit if a formal offer is presented. The statement emphasized that no proposal has yet been received.
UniCredit CEO Andrea Orcel has gradually increased his firm's stake in Commerzbank over the past months, utilizing derivatives to acquire approximately 28%. This move has drawn criticism from both Commerzbank and the German government.
Speaking to Bloomberg TV, Orcel expressed surprise at the unfavorable reaction to his approach. He claimed that UniCredit had held numerous meetings with German officials and Commerzbank executives prior to the stake acquisition, indicating its interest in the German bank.
Orcel asserted that Commerzbank was informed prior to the stake purchase, claiming that "we clearly were invited" by the government to participate in a share placement. He also stated that UniCredit had "warned" Commerzbank about its intentions.
Commerzbank disputed Orcel's account, stating that "there were no talks between UniCredit and Commerzbank management about a potential combination in the last two years before UniCredit's investment."
Orcel clarified in a separate interview with FAZ that UniCredit had previously purchased and sold a stake in Commerzbank due to a lack of build-out options. He also acknowledged holding multiple meetings with German institutions and Commerzbank executives over the past few years.