Commerzbank’s board member Michael Kotzbauer has cautioned about potential consequences stemming from a possible takeover by its major shareholder, UniCredit. In remarks published Thursday, Kotzbauer suggested UniCredit may benefit from a lower share price for Commerzbank if it continues to pursue acquisition, potentially to the detriment of remaining shareholders and other stakeholders. He further highlighted that UniCredit, through its Hypovereinsbank subsidiary, represents direct competition within the German market, creating “several obvious conflicts of interest.
Kotzbauer affirmed that Commerzbank’s board and supervisory board welcome “an open and fair dialogue with all shareholders” while emphasizing that UniCredit, like any shareholder, must act in the best interests of the company and all other investors.
UniCredit currently holds nearly 29 percent of Commerzbank, including through financial instruments and would be obligated to make a takeover offer for the remaining shares if its stake exceeds 30 percent. Kotzbauer reiterated Commerzbank’s commitment to independence, noting customer preference for a standalone institution. He also confirmed the German government, holding a 12 percent stake, has “clearly positioned itself against a takeover.
Kotzbauer attributed Commerzbank’s current strength to its own efforts, specifically referencing the “Strategy 2024” implemented since 2021. “We deliver on our promises. And we only promise what we can deliver. That builds trust with all stakeholders” he stated.
