After the German government, the Commerzbank executives begin to give up to the new shareholder balances and show, albeit reluctantly, the first signs of openness towards UnicreditThe success of the offer that brought Piazza Gae Aulenti 47,59% of the capital of the Frankfurt institution – almost 60% if we include derivatives with cash-only settlement – no longer leaves much room for maneuver. And so, after two years of accusations and attempts at resistance, a détente has arrived.
Commerzbank: Weidmann invites Unicredit to dialogue
The Chairman of the Supervisory Board of Commerzbank, Jens Weidmann, who in the recent past had repeatedly attacked Unicredit, this time uses different words and tones, inviting the bank led by Andrea Orcel to start constructive talks with Commerzbank's management. "The board of directors and supervisory board of Commerzbank have repeatedly emphasized their willingness to do so," Weidmann told the German newspaper. Reuters.
"Although we would have liked it to be different, the majority ratios at the next general assembly are clear,” he added. “Now it is a question of defining, through constructive talks, the key points for the bank's employees, shareholders and customers,” Weidmann said.
The opening from the chairman of the supervisory board follows that of the Berlin government. On July 15, the chancellor Friedrich Merz had softened his attitude towards Unicredit, declaring that not wanting to hinder the operation, nor has it done so in the past, although he does not approve of the manner in which the takeover was conducted. The German federal government "still owns approximately 12% of Commerzbank. We were among those who did not accept the offer to sell those shares. And, at the moment, no change in this position is under discussion," Merz added during the press conference.
Orcel's words
With the company German Government “we would like to find a coherent way forward” and “we would be happy to keep them as shareholders” within the capital of Commerz, Orcel said on Thursday during the conference call with financial analysts following the record first-half results. "What we are looking for a direct dialogue where it is possible to clarify many of the misunderstandings and, in our opinion, misleading information." From this point of view, he assured, "we will be able to demonstrate that the points on which we agree are many more than those on which we disagree," said the UniCredit CEO.
And a message had also been sent to the management of the second German bank: "The good news, regarding Commerzbank's refusal to cooperate, – Orcel stated in an interview with Class Cnbc – is that we have not made any concessionsWe have come to have control, potentially, without having to make any concessions, as is usually done in a transaction. So now we're pretty open.”.
Possible Orcel-Orlopp meeting after the accounts
After the, albeit timid, signs of openness, all that remains is to move from words to deeds and the step could be close. According to Bloomberg, Orcel and Bettina Orlopp, the CEO of Commerzbank, should talk to each other in videocall in the days following the Frankfurt-based bank's presentation of its second-quarter results, scheduled for August 6. This will be a first attempt at dialogue between the two managers, which could lay the foundation for the long-awaited thaw.
