Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Verdi union against Commerzbank cross-border merger regardless of bidder nationality

admin by admin
October 12, 2024
in Stock
0
Verdi union against Commerzbank cross-border merger regardless of bidder nationality
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

ROME (Reuters) – German trade union Verdi would oppose a cross-border merger for Commerzbank (ETR:CBKG) even if the bidder was not an Italian bank like UniCredit, an official said on Saturday.

Berlin was taken aback by UniCredit’s swoop to build a large stake in state-backed Commerzbank, a move the Italian bank says could lead to a merger.

Officials told Reuters on Friday that Germany is working to frustrate a possible takeover that could tie Berlin’s fortunes to those of heavily indebted Italy.

“(Our opposition) is not due to the fact that (the bidder) is an Italian bank. It could be French or Spanish,” Frederik Werning, a Verdi labour union official and a member of the Commerzbank Supervisory Board, said in a interview with Italian broadcaster La7.

“When a merger happens every time they say that nothing will change but one out of two times they don’t keep their promise and jobs would be lost both in Germany and in Italy”.

The merging banks would for at least two years be preoccupied with integration at a time when Germany needs to boost investment, Werning added.

“If the takeover happens, UniCredit and Commerzbank will have to take care of themselves for years and they will no longer be strong partners for their clients, neither in Italy nor in Germany,” he added.

At the heart of Germany’s concern is UniCredit’s 40 billion euros ($44 billion) holding of Italian government bonds. Commerzbank, which is smaller and financially weaker than UniCredit, also has billions of euros of Italian bonds.

($1 = 0.9143 euros)

This post appeared first on investing.com

Previous Post

Exclusive-Maldives picks Centerview as debt adviser amid financing crunch

Next Post

Here’s why I won’t invest in Nvidia competitor Cerebras’ IPO

admin

admin

Next Post
Here’s why I won’t invest in Nvidia competitor Cerebras’ IPO

Here’s why I won’t invest in Nvidia competitor Cerebras’ IPO

Trending News

Boon for low earners? Rachel Reeves likely to announce 6% national minimum wage hike in budget

Boon for low earners? Rachel Reeves likely to announce 6% national minimum wage hike in budget

October 29, 2024
DeepSeek is a friend not a foe, says ASML chief executive

DeepSeek is a friend not a foe, says ASML chief executive

January 29, 2025
Germany’s business confidence looks up in October, ifo data shows

Germany’s business confidence looks up in October, ifo data shows

October 25, 2024
Subscribe to Insightful Word


    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025
    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    August 28, 2025
    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    Urban Outfitters stock slides 4% despite strong quarter on cautious outlook

    August 28, 2025

    Recent News

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in

    August 28, 2025
    SentinelOne stock price forecast ahead of earnings: buy or sell?

    SentinelOne stock price forecast ahead of earnings: buy or sell?

    August 28, 2025

    Latest News

    • Nvidia shares fall on China sales exclusion, weaker data center sales: analysts weigh in
    • SentinelOne stock price forecast ahead of earnings: buy or sell?
    • Tesla wants millions of robotaxis by 2025, but will Waymo win the long game?

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.