Commerzbank Accuses UniCredit of "Hostile" Approach
Commerzbank AG has escalated its opposition to the pursuit of UniCredit SpA, further complicating the situation for the Italian lender.
In a statement released Wednesday, a Commerzbank spokeswoman labeled UniCredit's strategy of acquiring and expanding its stake in the bank while contemplating a takeover bid as "hostile." This is the first time Commerzbank has employed such terminology in relation to UniCredit's approach.
The comments intensify tensions that have been brewing since UniCredit initially disclosed its stake in Commerzbank in September. While Commerzbank's leadership, including CEO Bettina Orlopp, has hitherto expressed skepticism about the potential benefits of a UniCredit-related transaction, they have generally refrained from outright opposition.
However, in Wednesday's statement, Commerzbank indicated its continued openness to "engage in discussions" with UniCredit once the Italian bank submits a formal offer. "We have not received any proposal yet," the statement noted.
UniCredit CEO Andrea Orcel has continuously increased the lender's holding in Commerzbank over recent months, primarily utilizing derivatives to secure a 28% stake in the German bank. This move has sparked indignation from both the German government and Commerzbank.
Speaking on Bloomberg TV on Tuesday, Orcel expressed surprise at the backlash generated by his approach to Commerzbank. He claimed that UniCredit had held numerous meetings with both German officials and Commerzbank executives prior to acquiring the stake, during which the interest in the German bank was conveyed.
"I struggle to see" why Berlin and Commerzbank have expressed astonishment at his move, Orcel stated. "We were clearly invited" by Berlin to participate in the government's share placement in September, he added.
"We agreed on a press release during that process, we interacted again with the leadership of Commerzbank, warning them that we were going to participate," Orcel elaborated. "Commerzbank was the first call we had in the morning to debrief on where we were."
In its statement on Wednesday, Commerzbank affirmed that "there were no talks between UniCredit and Commerzbank management about a potential combination in the last two years before UniCredit's investment."
In an interview with German newspaper FAZ published Wednesday, Orcel acknowledged that UniCredit had previously purchased a stake in Commerzbank but sold it when it perceived no opportunity for growth. When asked by the newspaper if this occurred in 2022, Orcel responded, "perhaps."
The CEO also stated in the interview that UniCredit had held over 10 meetings with "institutions in Germany" and "Commerzbank top management" over the past two to three years.