UNICREDIT

In talks with Finance Minister Klingbeil, Unicredit CEO Andrea Orcel dismissed many of the federal government’s demands as wishful thinking. The state is insisting on two seats on Commerzbank’s supervisory board and is standing firm to make possible personnel changes—such as the removal of Jens Weidmann and Bettina Orlopp—and rapid unilateral decisions more difficult. As a major shareholder with 12.7 percent, the state claims a right to participation, even though Unicredit holds the main power at the shareholders’ meeting with just under 50 percent. » Más en sueddeutsche.de

In the wake of its takeover of Commerzbank, UniCredit is reportedly seeking to remove CEO Bettina Orlopp and also wants the German government to lose its two seats on the supervisory board. The Italians, who have recently increased their stake to around 50 percent, are said to be pushing for the resignation of supervisory board chairman Jens Weidmann as well. The merger would create a bank with total assets of more than €1.3 trillion; insiders say the ECB is inclined to approve it, and the federal government apparently can no longer prevent a hostile takeover. » Más en n-tv.de

After a meeting with UniCredit CEO Andrea Orcel, federal finance minister Lars Klingbeil demanded that Commerzbank remain a listed company headquartered in Frankfurt and continue its strong mid-market business in Germany and internationally. The federal government also wants two seats on the supervisory board and assurances that employees’ interests will be taken into account. UniCredit expects billion-euro savings and the elimination of thousands of jobs in the event of a takeover; Orcel announced further talks to find a solution acceptable to all stakeholders. » Más en tagesschau.de