Verdi expresses vigorous resistance towards the potential acquisition of Commerzbank by Unicredit.
Union Verdi is gearing up for a fierce fight against a potential Commerzbank acquisition by Italian rival Unicredit. According to Verdi union chief and Commerzbank supervisory board member Stefan Wittmann, expressed to "Handelsblatt", "We'll fight back with every tool at our disposal." He draws a parallel to Unicredit's 2005 takeover of Munich's Hypo-Vereinsbank, resulting in mass layoffs and shifts of capabilities to Milan. "We don't want to end up like Hypo-Vereinsbank," he states.
Wittmann calls for intervention from the German government. "The German government must now act decisively and utilize its 12% shareholding to impede an unfavorable Commerzbank acquisition." He warns against relinquishing control over significant funding decisions for Germany's leading industrial nation to Milan in the future.
Initial rumors of an Italian takeover over Commerzbank sparked anticipation. The Italians pounced on the government's planned share sale and also purchased shares on the open market. At present, Italians hold approximately 9% of Commerzbank shares, aiming to increase this beyond 9.9% – a level approved by the supervisory authority. Commerzbank boasts a workforce of around 42,000 individuals.**
The Union Verdi's fight against Unicredit's potential Commerzbank acquisition is being supported by Stefan Wittmann, who is a member of The Commission at Commerzbank. Wittmann strongly appeals to the German government, urging them to intervene using their 12% shareholding in Commerzbank to prevent an unfavorable takeover by Unicredit, as he fears the consequences could mirror the mass layoffs and capability shifts experienced by Hypo-Vereinsbank after its acquisition by Unicredit.
