UniCredit Defies German Government, Pursues Commerzbank Acquisition
UniCredit Defies German Government, Pursues Commerzbank Acquisition

UniCredit Defies German Government, Pursues Commerzbank Acquisition

News summary

UniCredit CEO Andrea Orcel is determined to continue pursuing the acquisition of Commerzbank despite strong opposition from the German government. German Finance Minister Lars Klingbeil and other officials have publicly urged UniCredit to abandon its takeover attempt, describing it as "unfriendly" and expressing support for Commerzbank's independence. UniCredit has increased its stake in Commerzbank to approximately 20% by converting derivatives into shares and plans to eventually acquire the entire bank. The German government has repeatedly communicated its stance against the takeover, emphasizing a commitment to preserving Commerzbank's autonomy. Meanwhile, UniCredit faces additional challenges with its proposed acquisition of Banco BPM in Italy, where government-imposed conditions remain under legal review. Orcel has set a timeline until 2027 to decide on making a formal offer for Commerzbank, signaling his firm intent to proceed despite governmental resistance.

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Last Updated
21 days ago
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