- Verdi aims to resist a potential seizure of Commerzbank's control.
Union group Verdi has declared a firm stand against the potential acquisition of Commerzbank by Italian rival Unicredit. In an interview with "Handelsblatt," Verdi union secretary and Commerzbank supervisory board member Stefan Wittmann expressed their determination, stating, "We'll fight back with every tool at our disposal." Wittmann referenced Unicredit's 2005 takeover of Munich's Hypo-Vereinsbank, which resulted in mass layoffs and the relocation of many skills to Milan. He expressed their wish to avoid the same destiny as Hypo-Vereinsbank. Wittmann echoes the call for support from the German government. He urges, "The German government must now demonstrate decisive action and utilize its remaining twelve percent stake to thwart any detrimental acquisition of Commerzbank." It should not transpire that "major decisions concerning the financing of Germany's industrial heavyweight nation will be made in Milan in the future."
Initially, Unicredit's entrance sparked conjecture regarding a potential acquisition of Commerzbank. The Italians capitalized on the federal government's announced share sale and also purchased shares on the open market. In totality, the Italians currently possess around nine percent of Commerzbank shares and aim to have the supervisory authority approve a rise above the 9.9 percent threshold. Commerzbank maintains a workforce of approximately 42,000 individuals.
The financial sector has been abuzz with speculations about Unicredit potentially acquiring a significant stake in Commerzbank. This acquisition, if approved, could potentially lead to a shift in decision-making power from the German financial sector to the Italian financial sector. The financial sector in Germany, particularly Unions like Verdi, are strongly opposed to this potential takeover due to its potential impact on Commerzbank's workforce and its status as an industrial heavyweight in Germany.
