Commerzbank Unites in Wiesbaden to Push Back Against Unicredit Takeover Bid
The Commerzbank has taken a firm stance against potential acquisition efforts by Italy’s Unicredit, expressing strong resistance during its annual general meeting held in Wiesbaden. The event became a platform for employees, management, and shareholder representatives to jointly voice their opposition to what they see as a hostile move led by Unicredit CEO Andrea Orcel.
Outside the venue, the protest was loud and visible. Commerzbank employees rallied with placards that read “No to Unicredit” and “We are better off alone.” Kevin Voß, a representative of the Verdi trade union, stated during the demonstration—organized by Verdi in collaboration with company works councils—that they want shareholders to retain their stakes rather than selling to external investors. Verdi fears that a takeover by Unicredit could lead to severe job losses in Germany, not just within Commerzbank but also in Unicredit’s subsidiary, HypoVereinsbank.
Orlopp: Independent Commerzbank Has Strong Future Prospects
Commerzbank CEO Bettina Orlopp addressed shareholders with a clear message: “Our main objective is to firmly establish Commerzbank as a leading European financial institution.” While she indicated the bank’s willingness to consider other options without prejudice, Orlopp stressed that the top priority remains the swift execution of the bank’s internal strategy.
Federal Government Also Favors Independence
Just days before the meeting, Germany’s Federal Finance Minister Lars Klingbeil (SPD) emphasized that the government views Commerzbank as a systemically important institution that should remain independent. The federal government still holds a stake of just over 12 percent in the bank.
Klaus Nieding, Vice President of the German Association for the Protection of Shareholders (DSW), urged the government to maintain its stance. “A takeover would not be in the interest of Commerzbank, its shareholders, its employees, and certainly not of the broader German capital market and its enterprises,” he warned.
Orcel Signals Patience Until 2027
Unicredit, which became Commerzbank’s second-largest shareholder last September by capitalizing on the partial withdrawal of the German state, now controls roughly 28 percent of shares. Despite its growing influence, a formal takeover offer has yet to be presented.
Speaking ahead of the meeting, Unicredit CEO Andrea Orcel stated that the Italian bank is willing to wait until 2027. According to Orcel, Unicredit will base its decision on three factors: ongoing dialogue with the new German government, the willingness of Commerzbank’s management to engage in a constructive bilateral relationship, and, most importantly, the bank’s financial performance.
As of now, Commerzbank remains united in its determination to protect its independence and preserve its role as a key player in the European banking sector.
