Jens Weidmann, chairman of Commerzbank's supervisory board, has called for a review of Germany's takeover laws following Unicredit's acquisition of a majority stake in the Frankfurt-based lender.
Weidmann told the Süddeutsche Zeitung that Unicredit secured control with a financially unattractive offer that failed to provide shareholders with an adequate control premium. Of the roughly 73% of shares Unicredit sought, only about 18% were tendered, with less than 3% coming from institutional and private investors. The remainder originated from banks linked to Unicredit, raising concerns that regulators should examine.
The former Bundesbank president also warned of significant domestic job cuts at Commerzbank. To achieve Unicredit's planned €1.3 billion in annual cost savings within 12 months, substantial reductions in Germany would be required. Despite these concerns, Weidmann offered strategic talks with Unicredit CEO Andrea Orcel, emphasizing the need to rebuild trust after the prolonged takeover battle. Technical exchanges between Orcel and Commerzbank CEO Bettina Orlopp have been limited to date.
Weidmann urged the German government to retain its 12% stake in Commerzbank to safeguard national interests, noting that while the state should eventually reduce its involvement—given the bank's rescue during the global financial crisis—a continued presence remains justified. The government sold a portion of its shares two years ago, which Unicredit later exploited to build its position. Orcel has also suggested that Berlin's continued participation could be beneficial.
The federal government recently downplayed reports that it was prepared to divest its remaining Commerzbank shares. Unicredit now holds approximately half of the bank's equity. Berlin had repeatedly criticized Unicredit's hostile takeover attempt, despite the government's earlier sale of shares facilitating the deal.
