Commerzbank CEO Bettina Orlopp considers a takeover by Unicredit unlikely at present. She stresses that any transaction must create value for shareholders, customers, and employees to make sense. The ball is now in Unicredit's court.
Bettina Orlopp, CEO of Commerzbank, stated in an interview with Welt am Sonntag that a takeover by Italy's Unicredit currently makes no sense. "A transaction is not an end in itself; it must make sense for shareholders, customers, and employees and create value. We do not see that at the current valuation level," Orlopp said.
Commerzbank has been resisting Unicredit's takeover ambitions since September 2024. The Italian bank holds over 26 percent as the largest shareholder ahead of the German state and has access to another three percent of shares through financial instruments. Unicredit CEO Andrea Orcel has not yet submitted a formal offer; he would be required to do so only upon reaching a 30 percent stake.
Orlopp envisions a profitable exit for Unicredit: "The investment in us has paid off handsomely due to the high share price gains. And technically, Unicredit could exit as share-price friendly as they entered." Indeed, Commerzbank's stock has more than doubled this year. She views potential synergies cited by the Italians as questionable given business overlaps and high execution risks.
Commerzbank cannot end the current situation unilaterally. "The ball is in Unicredit's court," Orlopp noted. If an offer materializes, the board would review it. "But anyone who wants to go through a door must take the first step. Unicredit has not done that yet." Exchanges with Orcel and Unicredit remain within normal investor discussions, with the Italian CEO attending some but not all.
