The SPD parliamentary group has firmly rejected Unicredit’s bid to acquire the Commerzbank.
“Commerzbank is a systemically important bank that has repeatedly demonstrated it can operate successfully on its own. Furthermore, it is a major employer in the region” said Frauke Heiligenstadt, the finance spokesperson for the SPD faction, to the “Rheinische Post” on Tuesday.
Heiligenstadt added that Finance Minister Lars Klingbeil had repeatedly urged Unicredit to refrain from takeover attempts. The new offer from the Italian bank seeks to breach the 30 % ownership threshold in order to gain increasing control over the German lender, a move that the SPD rejects outright, as has been done in the past by the Commerzbank management, the works council, and the federal government.
She stressed that it remains the responsibility of the board and the supervisory board to make a recommendation to the shareholders. In the meantime, the SPD parliamentary group stands firmly behind Commerzbank and its employees.