By Tom Sims, Matthias Inverardi and Tilman Blasshofer
Wiesbaden (Reuters) – Commerzbank’s chief executive and hundreds of employees met with shareholders on Thursday, expressing support for German lenders’ standalone strategy and shores efforts to dodge Italian Unicredit’s advances.
About 200 Commerzbank employees gathered outside the venue for the annual shareholders meeting and carried placards saying “strong and standalone” and “No to Unicredit.”
“We’re focusing on ourselves and independent strategies,” Commerzbank CEO Bettina Orlopp told Reuters just before the meeting began.
“There’s no need for constant external interference,” she added.
UnicRedit is a stake of nearly 10%, and is Commerzbank’s second largest shareholder after the German government. Last year, it began pushing for a potential pan-European bank merger, shocking the establishment of German businesses and politics.
UnicRedit’s interest prompted concerns quickly among employees and the chief executives of Commerzbank Management and German government officials.
Verdi Coalition leader Kevin Voss said he fears massive cuts in jobs in the case of the acquisition.
UnicRedit CEO Andrea Orcel’s Commerzbank pursuit has been a test of Germany’s resolve to dodge foreign suitors and prevent the Frankfurt financial centre from losing one of the few big commercial banks remaining.
UnicRedit declined to comment on the protest and how it would vote at shareholder meetings.
Speaking Thursday, major shareholders supported Commerzbank’s strategy and did not openly call a meeting with UnicRedit.
However, fund manager DWS Hendrik Schmidt said cooperation “should not be a taboo.”
Alexandra Annecke said that the higher the ratings at Commerzbank in the Fund Manager Union investment, the more it helps to ensure “more strategic options.”
Last week, Commerzbank reported that it had risen nearly 12% in the first quarter, beating expectations despite strong challenges in the German economy.
Andreas Thomae of Deka Investment praised Commerzbank for making progress by increasing profits, warning that united acquisitions should not occur “at any price.”
Klaus Nieding of shareholder lobby group DSW said he is firmly opposed to the acquisition.
“The Mega Meggers rarely have been rewarded with US shareholders in the past,” he said.
(Additional reporting by Timm Reichert, edited by Friederike Heine, Emelia Site-Matarise, and Tomasz Janowski)
