UniCredit CEO Rules Out Hostile Takeover of Commerzbank, Emphasizes Trust with German Government

In a recent interview with Italian daily Il Messaggero, UniCredit CEO Andrea Orcel addressed speculation regarding potential aggressive moves towards Commerzbank, clarifying that the Italian bank has no intentions of launching an unsolicited tender offer. “No, it would be an aggressive move,” Orcel stated, emphasizing a commitment to maintaining trust with German stakeholders.

Orcel highlighted that UniCredit’s acquisition of a 4.5% stake in Commerzbank from the German government was a result of the latter’s confidence in the bank as a reliable investor. He mentioned, “This summer, I’ve been back and forth between the seaside resort where my family was on holiday and Germany,” indicating ongoing discussions with government officials.

Having emerged as the highest bidder in a recent government auction, UniCredit now holds the largest private stake in Commerzbank, following an earlier market purchase of a similar stake. This recent acquisition has sparked controversy among German officials, as it reportedly took them by surprise.

Despite holding significant shares, Orcel emphasized that UniCredit is not in a hurry to increase its stake, although plans are in place to seek supervisory approval to acquire up to 29.9% of Commerzbank. In separate remarks to FAZ, he indicated that selling its stake in Commerzbank remains an option.

The dialogue underscores a cautious yet strategic approach by UniCredit as it navigates its relationship with Commerzbank and the German government.