The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) questions whether the Commerzbank can truly preserve its independence in the takeover struggle with UniCredit. DSW Vice President Klaus Nieding told the “Handelsblatt” that while the Frankfurter Institut’s prospect of higher profits and increased dividends is attractive to its shareholders, the question of its ability to maintain autonomy over the long term remains doubtful. He warned that “at some point, a painful awakening threatens”.
This discussion relates to the takeover bid launched by UniCredit’s head, Andrea Orcel, in early May. Orcel’s initial proposal was to raise UniCredit’s stake in Germany’s second-largest private bank from nearly 30 percent to over 30 percent. According to Nieding, this position would allow UniCredit to continue accumulating shares flexibly and thus gradually gain control of Commerzbank. He calculated that UniCredit would actually need a share of approximately 40 percent to gain such control at the standard annual general shareholders’ meeting.
Orcel has indicated that UniCredit intends to skip the shareholder meeting scheduled for this Wednesday. However, Nieding estimates that even at the 2027 shareholders’ meeting, the Italian bank could successfully push for a restructuring of the bank’s supervisory board. The DSW Vice President pressed Commerzbank’s leadership to remain highly agile during the takeover battle. He stressed that if the bank’s management cannot protect the institution’s independence, it must urgently work to maximize value for all stakeholders, including shareholders, customers, and employees.
