FRANKFURT (Reuters) -A delegation of employee representatives from Commerzbank met with members of the European Parliament to voice their concerns about a possible takeover by UniCredit, according to
Commerzbank Workers Raise Concerns Over UniCredit Acquisition in Brussels
Concerns About the UniCredit Takeover
FRANKFURT (Reuters) -A delegation of employee representatives from Commerzbank met with members of the European Parliament to voice their concerns about a possible takeover by UniCredit, according to a social media post on Thursday and two people with knowledge of the matter.
Employee Representatives' Meeting
Italy's UniCredit last week doubled its shareholding in the German lender as it pushes for a tie-up between the banks, despite resistance from Commerzbank management, employees and the German government.
Risks Highlighted by Commerzbank Board
"We made clear that a takeover would not be progress towards a European banking union," Commerzbank supervisory board member Nina Olderdissen said in a post on LinkedIn about the Brussels meetings.
UniCredit's Vision for the Deal
"What may seem like a step towards European integration actually harbors considerable risks for employees, customers and investors on both sides - without any discernible added value," she wrote.
UniCredit first emerged as big investor in Commerzbank in September. Its CEO, Andrea Orcel, has said a deal "would create a new national banking champion for Germany", aiding "the revitalisation of the German economy".
(Reporting by Tom Sims, editing by Thomas Seythal)
