FRANKFURT (Reuters) – Commerzbank (ETR: ) on Wednesday described UniCredit’s approach to a potential tie-up as “hostile” and said it had not been discussed with the Italian bank in the past two years, despite UniCredit Chief Executive Andrea Orcel saying there had been.
UniCredit is awaiting European Central Bank approval it needs for the 28 percent stake it has built up in the German lender, largely using derivatives.
“The approach of unilaterally building and expanding a significant stake can only be seen as hostile,” Commerzbank said in a statement.
UniCredit announced an initial 9% stake in Commerzbank in September, angering the German government.
Speaking in Davos on Tuesday, Orcel said the reaction was a surprise but that he hoped to sit down with the future government formed after the February 23 election to discuss a merger of Commerzbank with HVB, the Bavarian bank UniCredit bought in 2005.
“HVB and Commerzbank have been talking to each other in both directions for more than 20 years, because it’s one of those deals that you always want to do, it makes a lot of sense, but for some reason it always gets derailed,” Orcel told Bloomberg TELEVIZOR.
“In the last two and a half years, we probably had, and I probably also had, dozens of meetings both with the leadership of the government and with the leadership of Commerzbank.”
Asked to respond to Orcel’s comments, Commerzbank said any talks could only be based on a concrete proposal.
“We have consistently signaled our willingness to engage in discussions and that we will consider UniCredit’s proposal in the interest of all stakeholders. However, we have not yet received any proposal,” it said.
“UniCredit’s approach has unnecessarily antagonized many stakeholders on our side, and Commerzbank’s management must ensure that it continues to protect the interests of shareholders and the company in the best possible way.”
On Wednesday, Orcel told the German newspaper FAZ that he hopes UniCredit’s strategy in Germany will be clarified by the end of the year, after reaching an agreement with the future government.
Orcel said any concrete takeover bid must wait because of German rules that require a cash offer, with a floor price, if it comes within six months of crossing the 5% ownership threshold.
