Commerzbank

Hesse’s Minister-President Boris Rhein met UniCredit chief Andrea Orcel and set out conditions for the planned takeover: Commerzbank’s legal seat and board should remain in Frankfurt, the bank should be retained as a German stock corporation, and key functions as well as the corporate banking business must not be transferred to HypoVereinsbank. UniCredit has secured access to almost 50 percent of the shares and, according to Orcel, is aiming for billion-euro cost savings, the elimination of thousands of jobs and a streamlining of its international network. Federal Finance Minister Lars Klingbeil has invited Orcel to Berlin for September 14; Commerzbank shares fell slightly intraday. » Plus sur finanzen.net

Hesse's Minister-President Boris Rhein met UniCredit chief Andrea Orcel and set out conditions for the planned takeover of Commerzbank. The state government insists that the legal registered seat and the management board remain in Frankfurt, key banking functions stay in Frankfurt, and that no corporate banking business be transferred to HypoVereinsbank. The federal government also wants a say; Federal Finance Minister Lars Klingbeil has invited Orcel to talks in Berlin on September 14. Orcel has announced potential cost savings and job cuts as well as a slimming of the foreign network, which has raised fears in Frankfurt of a merger with HVB and of job losses. » Plus sur finanzen.net

Commerzbank CEO Bettina Orlopp stresses, after UniCredit acquired nearly 50 percent of the shares, the need for joint, value-maximizing strategies and warns against potential value destruction. Orlopp says there are talks with the de facto controlling shareholder and calls for constructive cooperation. UniCredit CEO Andrea Orcel plans cost cuts and job reductions, while the federal government, as roughly a 12 percent shareholder, is preparing talks with Orcel. » Plus sur manager-magazin.de