UniCredit CEO says Commerzbank now too expensive for takeover offer

Unicredit CEO Andrea Orzel said on Wednesday to CNBC that the share price of the potential acquisition goal Commerzbank It is currently very expensive for the merger deal.

Unicredit has built a sudden stake in COMMERZBANK by 28 % since September through derivatives and has a European Central Bank’s license to enjoy up to 29.9 % in the lender.

When I was asked from CNBC from Annette Weskach if the Italian Bank will follow the acquisition of Premium’s acquisition to the current Commerzbank share, Orcel said, “In this [share] The level, we will not see value for our investors. In fact, we will not do that, we are very happy with the gain we got in the thirtieth[% stake]But we will not see value for our investors. “

The shares of the German bank, which fought the ghost of a acquisition since September, increased by 76 % a year until now, as it has benefited from a broader gathering of German shares after the Berlin axis to relax some financial rules and facilitate the higher defense spending earlier this year.

Orcel confirmed that unicredit is currently “away” from a merger show with Commerzbank and will first seek to “a constructive solution” for the opposition from the German government.

“Secondly, in our opinion, the price of the essential share exceeded. There is a lot of activity directed to maintain the share price at a higher level than you see every day, but we are patient.”

CNBC contacted Commerzbank to comment. The German bank has been better published than expected Results in the first quarterWhen the net profit increased by 29 % annual.

Orcel insisted that his bank was initially invited to provide bids on Commerzbank – however, the Unicredit play was met with continuous resistance from both the German lender and the Berlin Administration, under both the former coalition in favor of Olaf Scholz and the current government of Friedrich Mirz.

Recently, in the transfer of yandex letter In his speech to Commerzbank employees, Mirz said that “an uncomfortable and unacceptable approach like Unicredit is unacceptable,” adding that the Berlin Administration “relies on the strong and independent Commarzbank.”

Since the end of last year, the unicredit has been divided between two possible fronts to gain the equation, and also faces opposition to the synchronous acquisition of Italy Banco BPM. When asked about the possible intentions to create a sprawling empire throughout the European banking sector, the Orcel Unicredit is a “special solution” to a European banking union.

However, the bank’s speech to its local peers was drowned in obstacles. The Italian authorities gave one month’s comment on the offer at the request of Unicredit, which indicated the need to respond to Rome’s use of “golden forces” in this deal. Such authorities allow the government to interfere in certain transactions regarding national security concerns.

Italian and European organizers in particular have called for the withdrawal of Unicredit from Russia, which is still under the imposition of extensive European financial sanctions on its war in Ukraine. On Wednesday, OCEL emphasized the outcome of the government’s expectations about Unicredit’s participation in Russia.

“There is a discussion about definitions. There is a discussion about what it means [to] Stop activity in Russia, for example. In our opinion, we stopped. We have not presented any new loans since then [20]21, “He said.

The lack of clarity may leave Unicardit exhibition of exorbitant penalties of about 20 billion euros, O Orzel – shadows the attractiveness of the Banco BPM chase.

“This is a danger that we cannot afford. So if the government clarifies, or if we clarify with the government [requirements] And they think, I think there is a good possibility [we] It will continue [the Banco BPM takeover process]. If we do not reach that, we will back down and move. “