Unicredit CEO Andrea Orcel effectively ruled out the possibility of making an offer for Commerzbank at the current price, stating that such a movement would not add value after appreciation of the shares.
“We are far away” from an acquisition offer, Orcel said in an interview with CNBC on Wednesday (11). “In addition, in our opinion, the price of shares has exceeded the fundamentals.”
Orcel had already mentioned that he can wait until 2027 before deciding for a total acquisition offer, after the actions made the business more expensive and the German government expresses opposition. Commerzbank shares more than doubled since Unicredit revealed to have acquired a significant participation, while the lower rival increased payments to investors to defend itself.
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Although the highest price of Commerzbank’s shares represents a financial gain for Unicredit, Orcel said it must be convinced that the appreciation is justified before deciding on a strategic transaction.
“There is a lot of activity aimed at maintaining the price of stocks high,” said the CEO. “But we are patient, because this activity will eventually result in losses.”
So far, Unicredit has not made an acquisition offer for Commerzbank “because we are not welcome,” Orcel said at a Goldman Sachs conference on Wednesday.
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The Italian bank bought a participation in the German government’s Commerzbank in September and increased its participation through derivatives. A possible acquisition faced opposition from the previous and current governments. German Chancellor Friedrich Merz reiterated this week that he wants Commerzbank to remain independent and classified Unicredit’s approach as “uncoordinated and hostile.”
Orcel reaffirmed that Unicredit was invited to buy the participation sold by the Ministry of Finance, rejecting accusations that his approach to the German bank was “opaque, hostile or anything else.”
“We signed a confidentiality agreement in the morning,” said Orcel. “The entire market entered at night, and we were asked to increase our offer to acquire this participation because the placement was not successful.”
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The CEO hopes to obtain all the necessary authorizations by the end of this month to convert the derivatives used to build part of Commerzbank participation into stocks, which would give Unicredit about 30% of the bank.
“We will see if we consolidate the 30%,” Orcel said at the conference. If you decide to do so, “this 30% share comes with rights and influence.”
He said Unicredit has gained the right to be patient with his participation and take the time necessary, but warned that a continuous impasse is not in the interest of either party.
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