The German Association for Securities Ownership (DSW) has voiced doubts about whether Commerzbank can maintain its operational independence amid the ongoing takeover battle with UniCredit. According to DSW Vice President Klaus Nieding, while the institution’s current appeal of higher dividends and profits offers a tempting prospect for shareholders, the permanence of the bank’s autonomy remains questionable. Nieding warned that a negative turn of events is always a threat.
The conflict stems from UniCredit CEO Andrea Orcel, who submitted a takeover bid in early May, aiming to raise his existing stake in Germany’s second-largest private bank from nearly 30% to above 30%. Following this move, Nieding stated that UniCredit could systematically continue purchasing shares until it eventually assumes full control of Commerzbank. He further estimates that a combined holding of only around 40% would be sufficient for UniCredit to gain control during a typical Commerzbank Annual General Meeting (AGM).
Although Orcel indicated that UniCredit plans to skip this week’s AGM, Nieding suggested that even by the 2027 AGM, the Italian investors could potentially “force a replacement of the supervisory board”. The DSW Vice President urged the Commerzbank management to remain flexible in the face of the hostile takeover bid. He emphasized that if the current board cannot safeguard the institution’s independence, it must instead focus on maximizing value for all stakeholders: the shareholders, the customers, and the employees.