Commerz: employees against UniCredit, “We don’t want it – politicians must take action”
"The Government needs to take a firm stance with the ECB and Italia"
(Il Sole 24 Ore Radiocor) - Commerzbank employees reiterate their “no” to UniCredit, reaffirm their commitment to the bank’s independence and call for political intervention. In an internal communication from the central works council, the group’s employee representatives question how UniCredit intends to ‘manage its growing shareholding’. ‘Will it continue to behave in an aggressive and non-transparent manner, adopting a “master of the house” attitude, as it has done so far? Or, for once, will it adopt a collaborative and constructive approach, on an equal footing?’, the document reads. ‘One thing, however, remains constant and clear: our position is that we neither want nor need UniCredit!’ the leaflet states emphatically. ‘We reject this disguised, unagreed and hostile move, just as our real shareholders are doing, for that matter,’ the committee continues, echoing the bank’s statements regarding the low level of support from institutional and independent retail shareholders, who are said to have “delivered a damning verdict on the offer, deemed entirely unattractive”, and “rejected Andrea Orcel in a clear and unequivocal manner”.
“Politicians must take action,” the workers urge, “: we are grateful that the German federal government, as the second-largest shareholder, has so far clearly stood by Commerzbank and its employees, acting in the interests of our customers (particularly small and medium-sized enterprises), the Frankfurt financial centre and Germany. We hope that this stance will remain unchanged and be reaffirmed with even greater firmness, particularly vis-à-vis the monetary authorities of the ECB and also those of Italia’. ‘Without being either reckless or timid, we will continue to work with determination to preserve Commerzbank’s independence, to safeguard secure jobs and to ensure strong employee representation on the supervisory board, the central works council and all local bodies,’ the document concludes.
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