BERLIN (Reuters) – Commerzbank (ETR:)’s supervisory board chairman Jens Weidmann said there is little chance for an amicable merger with UniCredit after the Italian bank’s surprise purchase of a hefty stake in the German lender, Handelsblatt newspaper reported.
“It’s like any relationship: if the start is unsuccessful, it will be difficult,” Weidmann told Handelsblatt in an interview published on Monday.
He also expressed doubt that a hostile takeover in the banking sector can create sustainable value.
“In mergers, it is important that the management first talks to each other in a spirit of trust and develops a common understanding. UniCredit has decided against this and surprised us with its entry. That’s not good style,” Weidmann said.
UniCredit now controls around 28% of the shares in Commerzbank. The Italian lender holds about 9.5% directly, and UniCredit has also secured access to a total of 18.5% through financial…
