Übernahmeringen: Kreise: Bund will schnelle Zusagen von Orcel bei Commerzbank

The German government is pressuring Unicredit CEO Andrea Orcel to give swift commitments in the takeover bid for Commerzbank. Its aim is for Orcel to agree to terms, including keeping Commerzbank a listed company based in Frankfurt, expanding its small business sector, and making essential decisions in Germany. The government expects Orcel to provide these promises soon, as the goal is to secure a viable growth strategy for Commerzbank.

They believe a common ground has been reached, with clear commitments from Unicredit: maintaining Germany as the location, preserving Commerzbank employees' rights, and fostering constructive dialogue with the works council throughout the process. Orcel has reportedly pressured the board to replace all ten supervisory board members and remove Commerzbank CEO Bettina Orlopp through an extraordinary general meeting following the receipt of all necessary regulatory approvals.

In a worst-case scenario, it could take until the end of February to gain control over Commerzbank, but it could happen as early as January in the best-case scenario. Currently, the Italians had expected the takeover by the second quarter of 2027. Orlopp confirmed to the German Press Agency in Frankfurt that her contract is valid until 2029, and she expects the board to agree on the strategy.

Orcel also intends to withdraw his opposition to the Bundesregierung's demands of having two seats on the Commerzbank supervisory board, which would be a direct affront to the government after Finance Minister Lars Klingbeil met with Orcel in September and discussed conditions and constructive negotiations. The Bund holds a second-largest shareholder position in Commerzbank with a stake of nearly 13 percent, a result of the bank's rescue during the global financial crisis.

The Bund thus has a say in the planned takeover but cannot prevent it. Unicredit might buy out the Bund's share, securing two supervisory board seats, but it would be costly due to the high Commerzbank stock price. A Unicredit spokesperson declined to comment on the "FT" report. Commerzbank threatens job cuts. Unicredit had used a Bundesbank share sale in September 2024 for entry into the Commerzbank and now has access to almost 50 percent of the shares.

Permission from the European Central Bank (ECB) is still pending, with a decision expected in October. However, the ECB has repeatedly emphasized its positive stance on cross-border bank mergers.