Commerzbank staff to protest possible UniCredit takeover at annual meeting

By Tom Sims

FRANKFURT (Reuters) -Commerzbank employee representatives are calling on staff to protest against a possible takeover by the Italian bank UniCredit, signalling that resistance to any deal remains fierce.

The event is scheduled two hours before the German lender's annual general meeting on May 15.

"We want to make it clear once again how important Commerzbank's independence is and that we know how to defend it," said a letter from employee representatives announcing the protest.

"Be there too, it's up to all of us!" said the letter, seen by Reuters.

Handelsblatt first reported the protest plans.

Last year, UniCredit disclosed it had amassed a sizeable stake in Commerzbank, eliciting concerns from employees, as well as Commerzbank management and top German government officials.

Commerzbank and UniCredit declined to comment on the protest.

Andrea Orcel, UniCredit CEO, shocked Germany's corporate and political establishment last year when the Italian bank snapped up a hefty stake in Commerzbank and began pushing for a tie-up in a bold attempt at a pan-European bank merger.

UniCredit's pursuit of Commerzbank has become a test of Germany's resolve to fend off foreign suitors and prevent its financial centre in Frankfurt from losing one of its few remaining big commercial banks.

Orcel has said he would wait until a new government was in place in Berlin after a recent election before acting further. He has also recently said he may need to wait until 2027 to make a decision on whether to pursue a deal.

(Reporting by Tom Sims, editing by Thomas Seythal and Tomasz Janowski)

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