UniCredit has no intention to listen to the Council of the German Government to give up their ambitions to take Commerzbank, the Chief Executive Director of the Italian Bank said on Friday.
German Finance Minister Lars Klingbeil said on Thursday, the DPA said that the government expects that UniCredit will give up on taking over, repeating that Berlin considered “hostile.”
“As for Commerzbank, we will continue with the plans in spite of the German government. In September we were called to buy 4.5 percent of the share, it is not clear why we should now give up the executive director of UniCredit Andreu Orcel during the Management Board meeting on Thursday.
This week, UniCredit has doubled its ownership and voting share in Commerzbanka by converting derivatives into stocks.
He thus increased the proprietary part of his share in Commerzbank at about 20 percent, from the previous nine, announcing that over time the whole share would turn into equity.
“We will turn the remaining derivatives and get to 29 percent. We requested to present our strategy and we will wait until it is heard. Our approach respects the specifics of Commerzbank,” he warned.
UniCredit first appeared as the largest private investor in Commerzbank in September, when he purchased 4.5 percent of the share from the German government and discovered that in the previous months, the share of similar sizes, reports of the HR.
In December, in the other hand, he increased the share by using the derivatives, and this year he received the approval of the European Central Bank to acquiring up to 29.9 percent stake in Commerzbank.
Orcel’s strategy faced difficulties in Italy, where the offer for a smaller competitor Banco BPM slowed down due to the conditions that the Government has set up its approval.
The court decision on UniCredit’s appeal on these terms is expected by 16. July. UniCredit has asked the court to annul the entire decision, although ultimately could change only some conditions.
