FRANKFURT, April 20 (Reuters) - The German labour union Verdi said on Monday that it was sticking to its call for Commerzbank's independence as Italy's UniCredit continues its push to buy the German
Verdi Union Backs Commerzbank Independence After UniCredit’s Takeover Push
Union Response to UniCredit’s Takeover Efforts
FRANKFURT, April 20 (Reuters) - The German labour union Verdi said on Monday that it was sticking to its call for Commerzbank's independence as Italy's UniCredit continues its push to buy the German lender.
UniCredit’s Critique of Commerzbank
UniCredit earlier on Monday said its takeover target was unfit to face the banking industry's future challenges in its current shape and outlined changes it thinks the German lender should make to boost its earnings.
Verdi’s Reaction to UniCredit’s Plans
"Today's presentation by UniCredit didn't particularly surprise us or convince us, because ultimately it just illustrates in visual form what they've been doing all along: announcing what amounts to a massive cutback and trying to sugarcoat it a bit," said Kevin Voss, a Verdi official who sits on Commerzbank's supervisory board.
Emphasis on Employee Interests
He said that independence was "definitely the better path for the employees."
(Reporting by Tom Sims, Editing by Linda Pasquini)
