Commerzbank issued a statement on Wednesday in response to an interview with Andrea Orcel on the financial news channel «Bloomberg-TV.» The CEO of the Italian group expressed surprise at the backlash against the share purchase in Commerzbank and referred to previous contacts with both the bank’s management and representatives of the German government.

«The HVB and Commerzbank have been talking to each other in both directions for over 20 years because it’s one of those deals that you always want to do, that makes a lot of sense, but for some reason always derails,» said Orcel. «Over the past two and a half years, we have probably met with the leadership of the government as well as the leadership of Commerzbank in groups of ten, and I probably have as well.»

Actions can only be viewed as hostile

In an email statement reported by «Reuters,» Commerzbank contradicted these claims. Over the past two years, there have been no discussions with the Italian bank about closer cooperation, the statement said. «The approach of unilaterally acquiring and expanding a significant stake can only be considered hostile,» Commerzbank declared.

Last year, Unicredit acquired a 4,5 percent share package from state ownership and subsequently announced that it now held 9 percent. The stake was then gradually increased through further purchases and the acquisition of derivatives. The bank has applied to European competition authorities to expand its holding to up to 28 percent without being required to make a general takeover offer.

Willingness to engage in discussions

According to Commerzbank, discussions could only take place based on a concrete proposal. «We have always signaled our willingness to engage in discussions and would review a proposal from Unicredit in the interest of all stakeholders,» the statement continued. «However, we have not yet received a proposal.»

«The actions of Unicredit have unnecessarily angered many of our stakeholders, and Commerzbank's management must ensure that it continues to protect the interests of its shareholders and the company to the best of its ability.»

Cost reductions and share buybacks

Commerzbank CEO Bettina Orlopp aims to strengthen the bank and reduce costs, partly to defend against a potential takeover. According to a report in the «Financial Times,» this includes plans to cut «thousands of jobs.» An investor day is scheduled for mid-February, during which the new strategy will be presented.

Commerzbank's share buybacks are also intended to bolster its position. Most recently, the bank repurchased shares worth approximately €600 million, corresponding to a stake of just under 3,3 percent.