BERLIN (dpa-AFX) – Commerzbank boss Bettina Orlopp currently considers it unlikely that her institute will be taken over by the major Italian bank UniCredit. “A transaction is not an end in itself, it must make sense and create value for shareholders, customers and employees. We don’t see that at the current valuation level,” Orlopp told “Welt am Sonntag”. The Italians could at best argue with potentially high synergies, but these are questionable “due to overlaps in the business” and “high risks in implementation”.
Orlopp believes a face-saving exit is possible for the major Italian bank: “The commitment with us was very worthwhile because of the high price gains. And technically Unicredit could leave just as gently as they came,” said the manager. However, Commerzbank cannot end the current situation. “The ball is in Unicredit’s court,” said Orlopp.
If an offer is made at some point, the Commerzbank board of directors will of course examine it. “But if you want to walk through a door, you have to take the first step. Unicredit has not done that yet.” The dialogue with the Italian bank and its boss Andrea Orcel is part of normal investor discussions: “Sometimes Mr. Orcel is there in these discussions, sometimes not,” said Orlopp.
Unicredit became a major shareholder in Commerzbank in September 2024. In the meantime she has further increased her shares. According to the latest information, it holds around 26 percent of the shares and has access to a further three percent via financial instruments. If the shareholding exceeds 30 percent, it would have to submit a takeover offer for all remaining shares.
According to Orlopp, Commerzbank is still on track in implementing its strategy. The goals are realistic and would not be jeopardized by the weak German economy, she said. In some sectors, the bank acts more carefully when granting loans – for example with automotive suppliers, mechanical engineering and chemicals. However, she “continues to calculate with conservative risk provisions”. This also applies to private real estate loans. The bank sees “hardly any defaults there because of the still low unemployment”./stw/jsl/jha/
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