Business Recorder
FRANKFURT: A senior Commerzbank official on Thursday rejected calls by UniCredit CEO Andrea Orcel to resume merger talks, as a battle for ownership of the top German bank intensifies. Sascha Uebel, the bank’s vice chairman and head of the works council, also said he would favour a move by the German government to increase its stake in Commerzbank to fend off a takeover by UniCredit. Uebel said in a written statement of Orcel: “I’ve really had enough now! Where on earth are we? In the midst of a hostile takeover bid, he is now demanding that the board speak with him again, otherwise he won’t raise his offer?” “This is the board of a German DAX company, not circus ponies in a ring. We MUST NOT entrust our bank to someone like that,“ Uebel said. Uebel’s comments are in response to remarks by the UniCredit CEO, reported by Boerse Online on Wednesday, that the Italian was open to reviewing the terms of his offer for Commerzbank should the German bank’s management “engage in a constructive, detailed dialogue.” UniCredit, which is Commerzbank’s largest shareholder, has argued that Commerzbank is not living up to its potential, while Commerzbank has said that it is working to stay independent. Uebel also said he would support Berlin increasing its 12% stake in Commerzbank to undo the government’s botched sale of part of its holding in 2024 that resulted in UniCredit building its holding. “It is not the capital market that elects the federal government, but we, the workers. In any case, it is important under no circumstances to accept the offer,” Uebel said.
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