UniCredit Presses for Changes in Commerzbank Leadership During Takeover Bid
UniCredit's Takeover Efforts and Leadership Demands
By Tom Sims and Valentina Za
Leadership Changes Sought by UniCredit
FRANKFURT/MILAN, Sept 15 (Reuters) - UniCredit CEO Andrea Orcel wants Bettina Orlopp to leave her job as the CEO of Commerzbank and is opposed to the German government's demand to maintain two supervisory board seats, three people with knowledge of the matter told Reuters, as the Italian lender moves closer to taking over its German rival.
Chairman Jens Weidmann's Position
UniCredit also wants Commerzbank Chairman Jens Weidmann to leave, two of the people said.
Responses from Involved Parties
UniCredit didn't immediately respond to a request for comment and Commerzbank declined to comment.
The German finance ministry declined to comment further after it said on Monday it wants to keep two board seats.
Negotiations and Government Demands
Recent Meeting Between UniCredit and German Officials
German Finance Minister Lars Klingbeil and Orcel met on Monday on the Italian bank's takeover plans. Both called the meeting "constructive."
Key Demands from the German Government
Germany has set out a number of demands, including Commerzbank remaining listed on the stock exchange, keeping its base in Frankfurt and continuing to finance German medium-sized companies at home and abroad.
(Reporting by Tom Sims and Valentina Za; additional reporting by Maria Martinez; editing by Friederike Heine)
