UniCredit's CEO, Orcel, remains resolute in his pursuit of a tie-up with Commerzbank.
UniCredit CEO Persists in Commerzbank Acquisition Amid Regulatory Approvals
After securing a 28% stake in Commerzbank last year, UniCredit CEO Andrea Orcel maintains that the Italian bank is strategically positioned regarding the acquisition of the German lender. Orcel said during a meeting of the Italian banking association FABI that UniCredit owns 30% of Commerzbank, albeit politely waiting for the right moment to discuss the matter with the German government.
The proposed merger of Commerzbank with UniCredit's Munich-based subsidiary HypoVereinsbank (HVB) faces resistance from both the German bank and the German government. Nevertheless, Orcel remains optimistic, stating that UniCredit is not in any rush to make a decision. The options available to them include maintaining the Commerzbank stake, selling it at a profit, or initiating takeover discussions.
Regulatory approvals have been granted to UniCredit's acquisition attempt, with the European Central Bank (ECB) authorizing an increase of UniCredit's stake in Commerzbank to 29.9% in March 2025. This decision was reinforced by the German Federal Cartel Office (Bundeskartellamt) in April 2025. Despite the approvals, UniCirit's acquisition plans have faced opposition from unions and politicians in Germany due to broader concerns about consolidation in the EU banking sector.
However, there is no evidence of the German government actively blocking the deal at this time. Meanwhile, UniCredit is reconsidering its plan to acquire Milan-based regional bank Banco BPM due to Italian government regulations. The takeover offer may expire without being accepted, as it is not deemed attractive under current conditions.
Sources: ntv.de, RTS
Regarding the background information, it's crucial to note that the European Central Bank (ECB) granted UniCredit approval to increase its stake in Commerzbank to 29.9% in March 2025, which was further supported by the German Federal Cartel Office in April 2025. This detail serves to validate the ongoing process of UniCredit's acquisition attempt for Commerzbank.
As the European Central Bank (ECB) and the German Federal Cartel Office have approved UniCredit's acquisition attempt, Andrea Orcel, the CEO of UniCredit, patiently urges, "Wait, wait, wait. What's going on?" He might be referring to the ongoing discussion with the German government about the proposed merger of Commerzbank and UniCredit's Munich-based subsidiary, HypoVereinsbank (HVB), with concerns surrounding finances playing a significant role in the negotiations.
