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Germany's tilt towards a deal with UniCredit's CEO Andrea Orcel to take over Commerzbank, after years of his manoeuvring, could prompt other European nations and banks to warm to further banking consolidation.
Commerzbank , the German lender facing a takeover approach by UniCredit , said on Thursday it would launch a new share buyback programme of up to €1.2 billion ($1.39 billion) to boost the return for shareholders.
Commerzbank CEO Bettina Orlopp on Wednesday confirmed direct talks with suitor UniCredit and added it would only make sense to serve out her full term until 2029 if she can align on strategy with the supervisory board.
For nearly two years, UniCredit CEO Andrea Orcel has pursued Commerzbank despite public opposition from Berlin. Now, as he prepares for what could be a pivotal encounter with Germany's finance minister, the balance of power in the takeover battle appears to have shifted in his favour.
Commerzbank's supervisory board chair, Jens Weidmann, has called for a review of Germany's takeover rules, saying UniCredit was able to secure control of the lender without offering shareholders an adequate premium, a newspaper reported on Sunday.
German prosecutors have filed charges against four former employees of Commerzbank over alleged tax evasion for activity in 2008, the latest crackdown on an industry-wide scheme that cost taxpayers billions of euros.
UniCredit's CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue growth, a formula that has helped transform the Italian lender into one of Europe's most profitable banks.
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