Andrea Orcell prepares the final assault on Commerzbank. The number one of unicredit, It is known that he is not known for his patience. And, as if to confirm his reputation, he would be ready to take control of Commerzbank and to reorganize its supervisory board. But not in six months or a year, as previously hypothesized. He would like to do so already in January, calling an extraordinary meeting as soon as it receives the remaining regulatory approvals needed to take control of the German institution. The two-phase plan mentioned on several occasions by current CEO Bettina Orlopp could therefore remain a dead letter, also because the intention is to kick her out, perhaps even unkindly.
The bankers' will of Cr7 is revealed by Financial Times, which cites people familiar with the facts as saying that the plan is to get there to be checked by the end of February.
Unicredit-Commerz: Two Scenarios for Control
UniCredit has reportedly already outlined two scenarios. The first is the basic one: it would involve acquiring control of Commerzbank. by the end of February and to replace all 10 member shareholders of the supervisory board, composed of 20 people, thus obtaining an effective majority. But there is an even more favorable scenario, according to which Piazza Gae Aulenti would take control of the Frankfurt institution. already in January.
While the plan is to accelerate, “the deal could still be postponed until Commerzbank’s annual meeting, scheduled for May, if the German bank seeks to postpone it, the sources added, although its ability to thwart the changes is limited,” they noted. Ft.
Unicredit and the reorganization of Commerzbank
Once he has taken control and removed Commerzbank CEO Bettina Orlopp from her position, Orcel is said to be planning a radical restructuring of Commerzbank, which provides for the dismantling of part of its international network, the disposal of approximately 20 billion euros in loans to businesses outside its core markets, Germany and Poland, that are not essential to its Mittelstand customers, and a drastic cost reduction.
However, some of these measures may not be to the liking of the government of Berlin, which holds a nearly 13% stake in Commerzbank and recently softened its opposition to a takeover, moving from outright resistance to setting conditions to make the deal possible. During a meeting with Italian banker, Finance Minister Lars Klingbeil has in fact asked to maintain the headquarters in Frankfurt, the listing on the stock exchange and financing for small and medium-sized German companies, both on the domestic market and abroad; the protection of the interests of the group's approximately 40.000 employees, as well as the permanence of two representatives of the federal state in the council surveillance. Negotiations are ongoing.
