Merz criticizes UniCredit's takeover bid for Commerzbank: “Not like this”

Berlin, May 7 (EFE).- German Chancellor Friedrich Merz on Thursday strongly criticized the takeover bid presented on Tuesday by the Italian bank UniCredit for Germany’s Commerzbank and warned that “this is not how things are done.”

In a speech in Berlin, Merz acknowledged that “large banks” are needed in Europe to carry out complex financing operations, IPOs, and support investments, but that this does not mean that any kind of deal is welcome.

CAMERA: PALOMA ROCHA.

STATEMENTS BY GERMAN CHANCELLOR FRIEDRICH MERZ DURING A SPEECH AT AN EVENT ORGANIZED BY THE GERMAN CHAMBER OF INDUSTRY AND COMMERCE IN BERLIN.

TRANSLATION:

Yes, we need large banks in Europe. For complex financing, for initial public offerings, and for supporting investments around the world, we also need large banks. But that does not mean, ladies and gentlemen, that any kind of acquisition is welcome without restrictions. We firmly reject hostile and aggressive takeover attempts, and there are clear legal limits in place for that as well. The German financial supervisory authority—and I say this clearly—has recently prohibited the Italian bank UniCredit, under threat of a fine, from making statements about the target company in the context of the attempted acquisition of Commerzbank that present the target company’s current economic situation and future prospects in a negative, sensationalist, or inappropriate manner.

Ladies and gentlemen, regarding this bank I am referring to, I want to say very clearly—with full understanding of market economy processes and also of the decision-making rights and powers of the owners—that this is not how things are done. This is not how institutions such as a bank in Germany, such as Commerzbank, are treated, and this approach destroys trust rather than building new trust.