FRANKFURT (Reuters) – Commerzbank on Wednesday defined UniCredit's approach to a potential partnership as “adversarial” and said UniCredit Chief Executive Andrea Orcel had discussed it. However, he said he had not discussed the matter with Italian banks in the past two years.
UniCredit is awaiting approval from the European Central Bank for its 28% stake in German financial institutions, mostly through the use of derivatives.
“The approach of unilaterally accumulating and expanding a large amount of stock can only be considered hostile,” Commerzbank said in a statement.
UniCredit announced in September that it would acquire an initial 9% stake in Commerzbank, infuriating the German government.
Orcel, speaking in Davos on Tuesday, said the backlash was a surprise but he hoped to be able to sit down with a future government to discuss a partnership between Commerzbank and Bavarian bank HVB, which will be formed after the Feb. 23 elections. He said he was there. UniCredit acquired it in 2005.
“HVB and Commerzbank have been in two-way discussions for more than 20 years, because this is one of those deals that we always want to do and it makes a lot of sense, but for some reason the plans always get derailed. Orcel told Bloomberg. tv set.
“Over the past two and a half years, we've probably had dozens of meetings with both government leadership and Commerzbank leadership, and I've probably had meetings with them as well.”
Asked to respond to Orcel's comments, Commerzbank said any negotiations could only be based on specific proposals.
“We have consistently indicated that we are open to discussion and will consider proposals from UniCredit in the interest of all stakeholders. However, we have not yet received any proposals.”
“UniCredit's approach unnecessarily antagonizes many stakeholders on our side. Commerzbank's management will ensure that it continues to protect the interests of its shareholders and the company in the best possible way. It must be done.”
On Wednesday, Orcel told German newspaper FAZ that he expected UniCredit to have some clarity on its strategy in Germany by the end of the year, after working with a future government.
Mr. Orcel said a concrete takeover offer would have to wait because German rules require a cash bid with a floor price to be made within six months of exceeding the 5% ownership threshold. Ta.
(Reporting by Ludwig Berger in Berlin and Valentina Za in Milan; Editing by Madeline Chambers)
