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 earlier on Monday said its takeover target was unfit to face the banking industry’s future challenges in its current shape […]
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German union renews calls for Commerzbank independence after UniCredit’s latest push
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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 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.
“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.
He said that independence was “definitely the better path for the employees.”
(Reporting by Tom Sims, Editing by Linda Pasquini)