Andrea Orcel, the Chairman of Unicredit, maintains his resolute stance regarding the takeover bid for Commerzbank. Speaking to the “Frankfurter Allgemeine Zeitung”, Orcel stated that “the process is unstoppable” expressing confidence that the outcome is predetermined by clear industrial logic. He warned that market reality dictates that “consolidation is unavoidable”.
However, Orcel did not rule out a potential revision of Unicredit’s current offer. He noted that the bank has always reserved the right to review the terms. Should negotiations resume in the coming weeks and reach a compromise, “something could change” though he added that financial figures would ultimately dictate whether such a shift is possible. Unicredit, he stressed, will continue to act in its shareholders’ best interests.
Beyond the specific acquisition, Orcel criticized the protracted timeline of major deals in Europe. He remarked that similar plans in the United States would have reached a decision already, observing that Europe is frustratingly “always at the beginning” after a year and a half. He called for processes to become much more efficient, warning that failure to do so risks the banks falling behind competitors in China and the US.
Unicredit, the large Italian bank, has been attempting to acquire Commerzbank for approximately 18 months. These efforts, however, are being actively opposed by Commerzbank itself, and the bid also faces opposition from the German government, which currently holds a 12 percent stake in the bank.