Commerzbank’s board member Michael Kotzbauer has cautioned about potential consequences stemming from a possible takeover by its major shareholder, UniCredit. In an interview with the “Süddeutsche Zeitung”, Kotzbauer stated that UniCredit appears to have a vested interest in a lower Commerzbank share price, should it continue pursuing an acquisition – a situation he believes would be detrimental to remaining shareholders and other stakeholders. He also highlighted that UniCredit, through its subsidiary Hypovereinsbank, is a direct competitor within the German market, creating “several obvious conflicts of interest.
Kotzbauer emphasized that the Commerzbank board and supervisory board welcome “an open and fair dialogue with all shareholders”. However, he asserted that UniCredit, like any shareholder, must act in the best interest of the company and all other investors.
UniCredit currently holds nearly 29 percent of Commerzbank through shares and other financial instruments, triggering a mandatory takeover bid for the remaining shares above a 30 percent threshold. Kotzbauer reaffirmed the bank’s commitment to independence, citing strong customer preference for a standalone Commerzbank. He also noted that the German federal government, a twelve percent stakeholder, has “clearly positioned itself against a takeover.
Kotzbauer attributed the bank’s current strengths to its own efforts, specifically referencing the “Strategy 2024” implemented since 2021. “We deliver on our promises” he stated, “and we only promise what we can deliver. That creates trust with all stakeholders”.