In the ongoing takeover battle involving Commerzbank, Deputy Chairman Michael Kotzbauer cast doubt on the recent plans put forward by the Italian banking giant, UniCredit. While Kotzbauer told the FAZ that they do not fundamentally reject discussions, he strongly criticized UniCredit’s proposal, arguing that it would dismantle the bank’s current operational model for its customers and would not offer shareholders any premium. He suggested that shareholders would actually be forced to trade at a discount when acquiring UniCredit shares.
Kotzbauer affirmed that the Commerzbank board has a duty to act in the best interests of its shareholders. Furthermore, he sharply criticized UniCredit’s public communication, labeling it a “hostile approach” that utilized misleading representations. Addressing the concern over customer interests, he countered that, while such interests are paramount, they are the foundation for the bank’s very existence.
Regarding the operational status of Commerzbank, Kotzbauer views the company’s commercial client segment as stable, noting that the bank’s loan portfolio remains resilient despite the challenging economic environment. He added that Commerzbank plans to present its quarterly figures and a strategic update on May 8, outlining “clear goals up to 2030”.
