Commerzbank workers reject UniCredit as it inches toward control
By Tom Sims
Commerzbank Workers Council Stands Firm Against UniCredit Takeover
FRANKFURT, July 9 (Reuters) - Commerzbank's workers council on Thursday firmly rejected UniCredit's advances, maintaining their resistance to a tie-up as the Italian bank nears control of its German competitor.
Employee Message Reaffirms Opposition
"One thing remains constant and transparent: Our position, that we neither want nor need UniCredit," a message circulated to employees said.
UniCredit’s Stake and Takeover Progress
The blunt statement comes a day after UniCredit disclosed it had secured 47.6% of the shares of Commerzbank, leaving the Italian bank just short of gaining control of the lender it has been trying to buy since 2024.
Hostile Approach Criticized
"We reject this veiled, uncoordinated and hostile creeping approach," the message said.
UniCredit and Commerzbank Leadership Respond
UniCredit said on Wednesday it sought to "engage constructively with all relevant stakeholders".
CEO Bettina Orlopp Urges Calm
CEO Bettina Orlopp, in a video message to employees on the bank's intranet, has urged calm.
"With the results of the takeover offer, we are now facing a situation that is new for all of us. But we will not let it unsettle us," Orlopp said according to a transcript of the message seen by Reuters.
Future Talks and Negotiations
Both banks have signalled a willingness to talk after several rounds of informal discussions petered out amid differences of opinion.
(Reporting by Tom Sims, Editing by Miranda Murray)
