The leader of Tui cautions against a potential acquisition by Unicredit.
Amidst the talks about Unicredit potentially taking over Commerzbank, Tui CEO Sebastian Ebel raises concerns. He highlights Commerzbank's significant role in supporting Germany's small and medium-sized enterprises (SMEs) and the nation's economy as a whole. With the looming threat of deindustrialization, Germany is already grappling with numerous issues.
In a conversation with Handelsblatt, Ebel, as a prominent German executive, voiced his views. "Personally, I see Commerzbank as a significant component of Germany's critical infrastructure," he said. "It's crucial that Germany maintains its independence in this bank."
Many other business leaders in Germany likely share his viewpoint. Recalling his own experience, Ebel further stressed, "From what I've observed, Commerzbank plays a vital role in many German companies." The bank has supported numerous businesses for decades, with Ebel adding, "In tough times, it's among the top banks offering financing to German firms."
Ebel isn't just fretting about individual businesses but the country's economy itself. "We already have plenty of challenges in Germany, including the threat of deindustrialization and shifts within the auto industry," he stated. "Our robust banking sector with powerful German banks has always been a significant boon. We shouldn't discount this advantage prematurely."
Last week, the Italians bought a 9% stake in Germany's second largest bank, hinting at a possible expansion in their engagement. Unicredit explained they'd explore ways to boost shareholder value for both institutions.
Should a takeover occur, the merged entity could boast an impressive market value of around €74 billion, ranking second in Europe behind HSBC UK. Commerzbank responded with cautious optimism, with insiders hinting at fending off a potential takeover.
The concerns raised by Tui CEO Sebastian Ebel about Commerzbank's potential takeover by Unicredit are not isolated. The Commission, which oversees EU competition law, might also have reservations regarding such a merger, considering the impact on Germany's critical infrastructure and the banking sector's role in supporting the nation's economy and SMEs.
In light of Ebel's assertions about Commerzbank's crucial role in providing financing to German firms, especially during challenging times, the Commission would need to carefully assess any anticompetitive effects that a merger might have.
