By John O’Donnell and Valentina Za
BERLIN, July 24 (Reuters) – Commerzbank Chairman Jens Weidmann on Friday invited UniCredit to open talks over the terms of a merger, as the German lender dropped any remaining resistance to the unwanted Italian takeover and focused on extracting concessions.
Commerzbank’s fight against a UniCredit takeover has faded in recent weeks as the Italian lender gradually accumulated a stake of 48%, which is sufficient to determine shareholder resolutions.
“Even though we would have preferred things to be different, the balance of power at the next Annual General Meeting is clear,” said Weidmann, a former Bundesbank chief and a highly respected figure in Germany.
His remarks step up Commerzbank’s push for direct engagement with UniCredit, after months of recriminations in which each side blamed the other for the lack of talks.
UniCredit CEO Andrea Orcel on Thursday asked to engage with the German government and workers’ representatives – who occupy half of the seats on Commerzbank’s supervisory board.
“We have to have constructive talks to establish the key parameters for staff, shareholders and the customers of the bank,” Weidmann said in a statement on Friday.
“Everyone needs to act like adults now, because one thing is certain: These discussions are in UniCredit’s interest as well, and there will be no shortcut via Berlin,” he said.
Commerzbank’s deputy chairman and head of the works council also said on Wednesday that it was time to act as adults and refer negotiations to the bank’s management.
Orcel, however, said he thought he had an idea of what the government and workers’ representatives wanted, and that it should be possible to reach a deal that satisfied everyone.
A spokesperson for UniCredit said the bank’s stance had been made clear by the CEO on Thursday.
Commerzbank must start adopting from January 1 a strategy UniCredit has mapped out to boost the German bank’s performance, Orcel said, threatening to unseat its board otherwise.
The tussle between Commerzbank and UniCredit began in September 2024 when the Italian bank bought a stake, sparking opposition from Berlin and setting off one of the most contentious European banking battles for decades.
(Reporting by John O’Donnell; Additional reporting by Valentina Za; Editing by Miranda Murray, Kirsten Donovan)
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