UniCredit

UniCredit CEO Andrea Orcel built a stake in Commerzbank using complex financial instruments and a gradual buildup that brought him, against the wishes of two federal governments, the management and the works council, close to controlling the bank. Despite countermeasures by the opposing side, Orcel and his team were able to enforce the position. In the coming months it will be decided whether there will be a compromise with Commerzbank chief Bettina Orlopp or a management change in early 2027. » Más en manager-magazin.de

UniCredit is confident it will take over Commerzbank and expects regulatory approvals possibly this year to quickly assume control and implement its strategy. CEO Andrea Orcel said he would convene an extraordinary general meeting if necessary; the exchange offer secured almost half of Commerzbank’s shares. The bank estimates the impact on the common equity Tier 1 (CET1) ratio at about 13 percent and has scrapped a planned €4.75 billion share buyback. UniCredit expects the takeover to drive double‑digit profit growth over the next three years and raised its profit forecast for the current year to well above €11–11.5 billion; net profit in the second quarter fell to €2.9 billion. » Más en faz.net

After its share-swap offer, UniCredit holds roughly 44 percent of Commerzbank directly and, together with purchase options, almost 48 percent on paper. The offer, which contained no cash component, initially made the swap unattractive; according to Commerzbank, many of the pledged shares come from UniCredit’s own circle. ECB approval is still missing for de facto control; 75 percent would be required for integration or a squeeze-out. The federal government holds around 12 percent and opposes massive job cuts, making political negotiations likely. » Más en finanzen.net