The federal government is skeptical to the announced official takeover offer from the major Italian bank Unicredit for Commerzbank Reacts. The federal government rejects a “hostile takeover”. Commerzbank continues to decline, said a spokesman for the Federal Ministry of Finance. “The federal government supports Commerzbank’s strategy of independence. A hostile takeover would be unacceptable, especially given that Commerzbank is a systemically important bank,” he said. “The federal government’s position on this is known, and it remains unchanged on all points.” In addition to Unicredit, the federal government is also one of the largest investors in Commerzbank.
There are still only announcements, but no formal offer for them takeoversaid the spokesman for the Ministry of Finance. Should this happen, it will be up to the Executive Board and Supervisory Board of Commerzbank to examine this offer and make a recommendation to the shareholders. According to Unicredit’s plan, an extraordinary general meeting is to be called for Maythe approval of the shareholders should be obtained there.
Approval of the EU Commission required
The Federal Financial Supervisory Authority (Bafin) and the European Central Bank (ECB) must also agree. To the major Italian bank Unicredit According to the Federal Cartel Office, in the event of a takeover there would be an examination by the EU Commission. “According to our current understanding, there is no need to register again until control is acquired. But then the EU Commission would be responsible,” said a spokesman.
Unicredit announced that the previous owners of Commerzbank would receive 0.485 new Unicredit papers for each Commerzbank share. The major bank, which already controls 29.9 percent of Commerzbank’s shares, wants to get 30 percent of the shares – then it would be legally obliged to make a takeover offer. The federal government holds twelve percent of the second largest German private bank.
Criticism from the bank and union
Criticism came from the bank itself as well as from politics. Commerzbank did not call the announced offer a basis for negotiations. The offer was not coordinated with Commerzbank. “In addition, Unicredit’s communication does not contain any further information regarding the cornerstones of a value-adding transaction. That would be the necessary basis for any discussions,” the statement said.
“The exchange ratio expected in the announcement actually contains no premium for our shareholders,” said CEO Bettina Orlopp. “We are convinced of the strength and the potential of our strategy, which focuses on independence and profitable growth.” However, the offer will be examined “carefully and in the best interests of the company, its shareholders, employees and customers” as soon as it is available.
The Ver.di union warned of one in the event of a takeover Job cuts on a grand scale. “We reject a takeover in view of the impact on the German economy and in particular on jobs in Germany in both banks – Hypovereinsbank and Commerzbank,” said Ver.di federal board member Christoph Schmitz-Dethlefsen. Ver.di has been warning about job cuts for a long time, the union points to the shrinking of Hypovereinsbank (HVB) after it was taken over by Unicredit in 2005.