The growing shareholder support secured by the Italian bank makes it necessary to initiate a “constructive and transparent” dialogue.
Reported by the Consejeros Editorial Team
After months of trying to resist, Commerzbank has agreed to open talks with UniCredit regarding a potential takeover. The growing shareholder support secured by the Italian bank makes it necessary to initiate a “constructive and transparent” dialogue to protect the interests of shareholders, employees and customers.
This was stated by the chairman of Commerzbank’s supervisory board, Jens Weidmann, in comments reported by ‘Reuters’, in which he also said he would have preferred a different outcome. “We need to hold constructive talks to define the key issues for the bank’s staff, shareholders and customers.”
Furthermore, Weidmann urged that “everyone must now behave like adults, because one thing is clear: these talks also benefit UniCredit, and there will be no shortcuts via Berlin”.
This comes after UniCredit’s CEO, Andrea Orcel, stated on Thursday that he expects to finalise the acquisition of Commerzbank in the fourth quarter, following the conclusion of the voluntary takeover bid at the start of the month. “As regards the usual regulatory framework and competition issues, as well as what would enable us to take ownership of the shares covered by the offer and thus exercise control, we believe that the time could come in the fourth quarter, or perhaps later; that would be the time when we would take the plunge. That would be the time when we would take the plunge.”
In this regard, it is worth recalling that, on 8 July, UniCredit announced that, following the close of its voluntary takeover bid for Commerzbank, shares representing 17.60 per cent of the German bank’s outstanding share capital had been tendered, bringing its stake in the bank to 47.59 per cent.
However, UniCredit has explained that it continues to seek to collaborate “constructively” with all relevant stakeholders, whilst carrying out the necessary regulatory and supervisory processes in relation to its investment.
