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Who will be the next CEO of Commerzbank?
5
German Federal Government•Commerzbank•German Finance Ministry•Manfred Knof•UniCredit•German government•German•Olaf Scholz•Verdi Union•Andrea Orcel
Resolution / Starting Odds
Internal Candidate • 25%
External Candidate • 25%
Andrea Orcel • 25%
Other • 25%
Official announcements from Commerzbank or financial news outlets
Story
Germany Reduces Commerzbank Stake to 12%, UniCredit Builds 9% Stake; CEO Knof to Leave
Sep 11, 2024, 09:56 AM
The German Federal Government has announced a reduction in its stake in Commerzbank from approximately 16.5% to 12% following a successful placement. This move is part of a broader divestment strategy, with the German Finance Ministry starting the sale of around 53 million shares, valued at approximately €720 million. Commerzbank's CEO, Manfred Knof, has stated he will not seek an extension to his contract and will leave after a single term. In a significant development, UniCredit has built a 9% stake in Commerzbank, making it the second-largest investor. UniCredit's bid of €13.20 per share was significantly higher than other offers, and the German government is still deciding how to handle the remaining 12% stake. A 90-day blocking period has been imposed on further divestments. The move has caught the German government off guard, putting Chancellor Olaf Scholz in a difficult position. The Verdi Union has urged the government to prevent UniCredit from acquiring more shares in Commerzbank. UniCredit CEO Andrea Orcel has approached Commerzbank for merger talks, and a Commerzbank board meeting is scheduled to discuss the proposal.
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