The chief executive of Germany's Commerzbank Bettina Orlopp on Monday hit back following comments by UniCredit suggesting that the Italian lender might replace her once its takeover of the German bank is complete.
Orlopp described UniCredit's latest remarks in its unwanted takeover effort as astounding, saying they were causing unease in an ongoing process and raising questions about the reliability of the Italian bank’s statements.
UniCredit issued a statement on Monday, indirectly threatening to replace the Commerzbank board, including Orlopp, once the takeover is final.
"Should UniCredit secure sufficient shareholder support at the Annual General Meeting, it would be in a position to appoint all shareholder representatives on the Supervisory Board, which in turn would have responsibility for appointing the Management Board," the Italian bank said.
Addressing the Euro Finance Summit in Frankfurt, Orlopp said she was "perplexed" by UniCredit’s latest announcement.
UniCredit submitted a takeover bid for Commerzbank in early May and, as of Thursday, had received offers for 11.22% of all Commerzbank shares. This would increase UniCredit's stake to just over 37%. It has additionally secured more than 3% of Commerzbank shares through call options and other financial instruments that it holds.
It is considered surprising that UniCredit has acquired so many shares well before the end of the takeover period, which runs until June 16 and can be extended until July 3 - especially since its offer is below the market price of Commerzbank shares. Major investors usually tender their shares only shortly before the end of the takeover period.
