DÜSSELDORF (dpa-AFX) - Commerzbank Supervisory Board Chairman Jens Weidmann believes that a great deal of trust-building work is necessary following Unicredit's surprise entry into Frankfurter Bank last summer. "This is not good form," Weidmann told Handelsblatt (Monday). The chances of a friendly takeover are therefore slim. "It's like any relationship: if the start is unsuccessful, it will be difficult," said the former president of the Bundesbank. "It would take a lot of work to build enough trust and to enable open-ended talks."
The Milan-based institute made a surprise large-scale investment in Commerzbank in the summer as part of a share sale in Germany and then announced shortly before Christmas that it now controlled around 28 percent of the shares. Unicredit holds around 9.5 percent of the shares directly, and has secured access to an additional 18.5 percent through financial instruments. The works council and trade unions are opposing a potential purchase offer. The German government also rejects Unicredit's approach.
Unicredit had already announced that it would seek approval from the supervisory authorities for a stake in Commerzbank of up to 29.9 percent. The corresponding approval process has been initiated. From a share of 30 percent, the Italians would be obliged to submit a public takeover bid./mis/als