Commerzbank CEO Bettina Orlopp Toughens Tone in Takeover Battle with Italian Rival Unicredit
In a recent interview with the German business daily “Handelsblatt”, Commerzbank CEO Bettina Orlopp emphasized the bank’s tough stance in the ongoing takeover battle with Italian rival Unicredit. Orlopp stated that she is only willing to engage in talks with Unicredit CEO Andrea Orcel if the latter presents a concept outlining the future structure, price expectations and other key issues beforehand.
“We expect someone who has already acquired a significant stake to have concrete plans for what they intend to do with it” Orlopp said. She also highlighted the need to maintain confidentiality and equal treatment of all shareholders, making it impossible to engage in informal discussions with Orcel.
Moreover, Orlopp warned that the mere discussion of a potential takeover would likely be publicly disclosed, given the significant stake Unicredit has already acquired in Commerzbank, currently around 28 percent. This, in turn, would likely impact the bank’s stock price.
Unicredit, on the other hand, has expressed a desire to engage in informal talks with Orlopp, but seems hesitant to present a pre-concept, as they view it as equivalent to a takeover bid. Orlopp, however, believes that such a concept would not necessarily imply a takeover offer, saying, “We have clearly formulated our expectations. The ball is in Unicredit’s court.