Andrea Orcel, the CEO of Unicredit, remains steadfast in its bid to acquire the Commerzbank. Speaking to the “Frankfurter Allgemeine Zeitung”, Orcel asserted that the process is unstoppable, expressing confidence that the takeover is inevitable due to clear industrial logic. He stated that market consolidation is unavoidable, suggesting that fighting such natural economic forces is futile.
Despite the resistance encountered, Orcel did not rule out amending the bank’s current offer. He indicated that Unicredit maintains the right to revise its conditions. Should further discussions take place in the coming weeks, leading to a potential compromise, the proposal could change, noting that the financial figures would dictate this modification, assuring that Unicredit will continue to act in the best interest of its shareholders.
Orcel also criticized the pace of mergers and acquisitions in Europe, arguing that the process was unduly drawn out. He contrasted the slow European progress with the decisiveness he observed in the US, stating that in Europe, following a year and a half, they were “almost still at the beginning”. He called for greater efficiency in these financial processes, warning that delays could allow Unicredit to be eclipsed by US or Chinese banks.
It must be noted that Unicredit has been attempting to acquire Commerzbank for approximately 18 months, a bid that the German bank has rejected. Furthermore, the German federal government opposes Unicredit’s plans and still holds a 12% stake in Commerzbank.
