Italy's UniCredit has increased its stake in German bank Commerzbank to 21%, triggering concerns within the German government about a potential takeover. Market observers suggest that the move may have caused national embarrassment and highlight the complex dynamics of the European project.
Italy's UniCredit appears to have caught German authorities off guard with a potential multibillion euro merger of Frankfurt-based Commerzbank .
"If UniCredit can take Commerzbank and take it to their level of efficiency, there's a tremendous upside in terms of increased profitability," Octavio Marenzi, CEO of consulting firm Opimas, told CNBC's"Squawk Box Europe" on Tuesday. "I feel like vomiting when I hear his promises of cost savings," Tschaege reportedly added, referring to UniCredit 's CEO Andrea Orcel.that as many as two-thirds of the jobs at the bank could disappear if UniCredit successfully carries out a hostile takeover.Banco Sabadell
"I think it is very difficult for UniCredit to take over or to reach an agreement on Commerzbank without the approval of the German government, just as a practical matter — but I think Germany needs to find a legitimate excuse if it wants to intervene if it wants to block the approach from UniCredit," Coben told CNBC's"Squawk Box Europe" on Tuesday.The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.
Merger Unicredit Commerzbank Germany Europe
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