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Finance

Commerzbank official rejects UniCredit CEO's calls for renewed talks

Published by Global Banking & Finance Review

Posted on May 7, 2026

2 min read

· Last updated: May 7, 2026

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Commerzbank Official Rejects UniCredit CEO's Proposal for Renewed Merger Talks

Commerzbank and UniCredit: Tensions Over Merger Discussions

Commerzbank's Response to UniCredit's Proposal

FRANKFURT, May 7 (Reuters) - A senior Commerzbank official on Thursday rejected calls by UniCredit CEO Andrea Orcel to resume merger talks, as a battle for ownership of the top German bank intensifies.

Statement from Sascha Uebel

Sascha Uebel, the bank's vice chairman and head of the works council, said in a written statement: "I've really had enough now! Where on earth are we?"

Criticism of the Merger Proposal

"This is the board of a German DAX company, not circus ponies in a ring. We MUST NOT entrust our bank to someone like that," Uebel said.

Background: UniCredit's Position and Commerzbank's Independence

Uebel's comments are in response to remarks by the UniCredit CEO, reported by Boerse Online on Wednesday, that he was open to reviewing the terms of his offer for Commerzbank should the German bank's management "engage in a constructive, detailed dialogue."

Shareholder Dynamics

UniCredit, which is Commerzbank's largest shareholder, has argued that Commerzbank is not living up to its potential, while Commerzbank has said that it is working to stay independent.

Reporting Credits

(Reporting by Tom Sims, Editing by Friederike Heine)

Key Takeaways

  • Commerzbank’s works council firmly rejects UniCredit’s overtures, highlighting concerns over trust and corporate governance (elpais.com)
  • UniCredit, already a near‑30% shareholder, launched a €35 billion unsolicited bid in March, prompting resistance from Commerzbank and the German government (axios.com)
  • Commerzbank continues to assert its standalone strategy offers greater value without merger risks, emphasizing absence of shareholder premium in UniCredit’s proposal (investing.com)

References

Frequently Asked Questions

Why did Commerzbank reject renewed merger talks with UniCredit?
Commerzbank's vice chairman Sascha Uebel rejected the renewed calls from UniCredit CEO for merger talks, citing concerns about leadership and independence.
Who is pushing for renewed merger discussions with Commerzbank?
UniCredit CEO Andrea Orcel has called for renewed merger talks with Commerzbank, expressing willingness to review the offer terms.
What is UniCredit's argument for a merger with Commerzbank?
UniCredit, as Commerzbank's largest shareholder, argues that Commerzbank is not living up to its potential and could benefit from a merger.
How is Commerzbank responding to UniCredit's interest?
Commerzbank is working to stay independent, rejecting UniCredit's renewed approach for merger negotiations.

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