UniCredit tightens on Commerzbank, Scholz: hostile takeovers are not good for banks

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UniCredit does not drop Commerzbank but relaunches. After the sale of new shares was suspended by the Berlin Government, the Italian bank announced that it had “submitted a regulatory request to obtain a share of more than 10%”, from the current 9%, increase ” up to 29 .9% in Commerzbank.” And in the meantime the institution announces that it has “subscribed” today “financial instruments related to a share equal to approximately 11.5% of the share capital” of the German bank.

Translated: lUniCredit’s total position in Commerzbank reached “around 21%”, as the institute mentions in a note, specifying that “the relevant arrangement in sections can only take place subject to obtaining the relevant authorizations”.

Scholz: Hostile takeovers are not good for banks

“Unfriendly attacks, hostile takeovers are not a good thing for banks.” German Chancellor Olaf Scholz said this in response to a question in New York about Unicredit’s increase in Commerzbank shares. “The government has positioned itself clearly and says clearly: we believe that it is not appropriate in Europe and Germany to proceed with unfriendly methods, without a spirit of cooperation and without any agreement existence, to participate in a campaign”, he concluded.

UniCredit keeps itself “hands-free”

The bank was led by the CEO However, Andrea Orcel keeps his hands free, in the name of maximum “flexibility” both in selling and continuing with purchases. For this reason he emphasizes that “most of UniCredit’s economic exposure is subject to hedging, to ensure full flexibility to stay at this level, sell the bet, with coverage in the event of a downturn, or an increase in addition, depending on the outcome of discussions with Commerzbank, its management and supervisory boards and, in general, all its stakeholders in Germany”

UniCredit “believes that there is significant value creation potential that can be realized in Commerzbank, both in a stand-alone position and in UniCredit, for the benefit of all of Germany and all of its stakeholders”. «Nevertheless – he says -, as happened to UniCredit itself, the development of this capacity requires the adoption of concrete actions».