Finance
Commerzbank Labor Union ‘Bitterly’ Opposes Any Unicredit Merger
- Works council head ‘bitterly determined’ in opposition to deal
- The issue risks driving a wedge into Berlin’s ruling coalition
A Commerzbank AG bank branch near the company's headquarters, in the financial district of Frankfurt.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Commerzbank AG’s labor representatives are “bitterly determined” to prevent a merger with Italian rival UniCredit SpA, warning that two-thirds of the jobs at the German lender could be cut in a takeover.
“Berlin can prevent the deal,” Uwe Tschaege, the head of the lender’s works council, said in comments to Bloomberg. UniCredit Chief Executive Officer Andrea “Orcel has said that he only wants a friendly deal.”