Frankfurt, September 11 (FinanceFlashNews.com) – The German labor union Verdi has strongly opposed a potential takeover of Commerzbank by its Italian competitor UniCredit. Stefan Wittmann, secretary of the union and a member of Commerzbank’s supervisory board, stated that the union would resist the move “with all available means,” as reported by Handelsblatt.
Concerns Over Job Losses and Competency Shifts
Wittmann referenced UniCredit’s acquisition of HypoVereinsbank in 2005, which resulted in the elimination of thousands of jobs and the transfer of key competencies to Milan. “We don’t want to suffer the same fate as HypoVereinsbank,” Wittmann stressed. He called on the German federal government to use its remaining 12% stake in Commerzbank to prevent what he described as a harmful takeover.
“We cannot allow important financial decisions for Europe’s largest industrial economy to be made in Milan in the future,” Wittmann said, representing Germany’s second-largest union.
UniCredit Increases Stake in Commerzbank
Earlier, UniCredit, Italy’s largest bank, announced it had acquired a 9% stake in Commerzbank, fueling speculation about a possible full takeover. The Italian bank purchased nearly 4.5% of shares offered by the German government and additional shares on the market. UniCredit is now seeking regulatory approval to increase its stake to more than 9.9%. Commerzbank currently employs approximately 42,000 people.
Keywords: Commerzbank, UniCredit, German unions, Verdi, takeover, banking
