MILAN/FRANKFURT (dpa-AFX) - UniCredit, the major shareholder in Commerzbank, is keeping the takeover battle alive by leveling fundamental criticism at the DAX-listed group's business model. Commerzbank has a "history of operational underperformance" and is now overvalued based on its fundamentals, UniCredit writes in a recent presentation titled "Commerzbank. A New Chapter." The Frankfurt-based institution exhibits structural weaknesses, according to UniCredit's analysis.
UniCredit: Commerzbank focused on short-term success
"As a significant shareholder, UniCredit believes that Commerzbank is insufficiently prepared for future challenges and is too focused on short-term success," the Italian lender stated. "UniCredit believes that Commerzbank should reposition itself to be ready for the future by accelerating growth and focusing on investment and transformation."
In UniCredit's view, Commerzbank should strengthen its focus on Germany and Poland while simultaneously scaling back its international activities. The latter are deemed oversized, fragmented, riskier, operationally complex, and inefficient, according to UniCredit.
Italians have been campaigning for a takeover since September 2024
UniCredit CEO Andrea Orcel has been advocating for a Commerzbank takeover since his institution first took a stake in September 2024. He argues that Europe needs larger banks to compete with powerful US lenders.
UniCredit, which is already Commerzbank's largest shareholder with a direct stake of 26 percent and, according to recent data, has access to just under 30 percent of the shares in total, announced a voluntary exchange offer for all Commerzbank shares in mid-March. At an extraordinary general meeting on May 4, UniCredit intends to seek shareholder approval for the necessary capital increase.
Commerzbank sees no added value in a merger of the two major banks and rejects what it considers to be Orcel's hostile approach. Commerzbank plans to announce new financial targets in early May./ben/DP/nas
