UniCredit’s CEO, Andrea Orcel, has indicated that the Italian bank may contemplate selling its substantial stake in Germany’s Commerzbank to a non-EU entity should an attractive offer arise that aligns with shareholder interests. This development was reported by a German newspaper.
Over the past year, UniCredit has accumulated a 26% equity stake in Commerzbank, actively pursuing a merger with the German lender. However, Commerzbank has consistently opposed this proposal. Adding to the complexity, the German government retains a 12% stake in Commerzbank and has expressed its disapproval of any takeover scenarios.
Orcel articulated that should shareholders become dissatisfied with their investment in Commerzbank, UniCredit might opt to sell its stake, potentially realizing a profit. He elaborated in an interview with the Frankfurter Allgemeine Zeitung, stating, “What would happen if a bank that is not from the EU were to offer the most for our shares? Then I would have to accept that offer out of an obligation to my shareholders.” While he acknowledged that such a sale might not align with his long-term ambition of strengthening European banking, he reiterated that market dynamics ultimately dictate corporate decisions.
