The Commerzbank works council is tightening its stance in the takeover battle with Unicredit chief Andrea Orcel. “It is a disgrace that Mr Orcel announces a takeover offer in the current environment, where uncertainty from the Iran war and rising energy prices is already high” said works‑council chair Sascha Uebel in an interview with “Handelsblatt” (Wednesday edition).
Orcel’s announcement creates additional uncertainty at a time when stability is more important than ever. “He once again throws Commerzbank employees and customers into the rough water” Uebel added.
The workers’ representatives, who are being advised by an investment bank, believe that an acquisition by Unicredit is currently not worthwhile. “Unicredit would have to achieve billions‑of‑pounds savings in the coming years” Uebel said. “That won’t happen under Mr Orcel, because we will fight any wholesale cuts, such as those seen at HVB, by all means”.
Unicredit bought the Munich Hypo‑Vereinsbank (HVB) in 2005 and has since eliminated more than 60 percent of its positions. Uebel pointed out that, as part of the 2025 strategy, the workers’ representatives signed a transformation agreement with management. Moreover, Commerzbank has entered into an in‑house collective agreement with the Verdi union that guarantees works‑council structures until 2030. “Verdi could block many restructuring measures until 2030” Uebel said. “Without our participation, Unicredit will not be able to achieve significant savings in the next five years”.
