Genius or Grössenwahn? Unicredit will acquire Commerzbank and Banco BPM

Read an Auszug aus dem neuen Newsletter «Der Andere Blick am Morgen», heute von Michael Rasch, Wirtschaftskorrespondent der NZZ in Frankfurt am Main. Subscribe to the Newsletter for free. Niece in Deutschland living? You benefit from this.

The Italian Andrea Orcel has no Self-consciousness signal. If the Unicredit consultant has opened a new poker poker in September, the German commercial bank has started, and in the vergangs we have on the heiterem, there is still no Kaufangebot for the Italian BPM vorgelegt of the Banco. Even in the world of the investment banker with his big ego, the comparison is an absolute certainty. Do you like the Genialität or the Grössenwahn?

Commerzbank is twice as gross in terms of BPM

Orcel itself said that no more banks have ever been integrated. Let go of the light and it is dangerous. The Grossbank loan lasted a year, but major expenses were incurred. When the head of the UBS Investment Bank set up the BPM and integrated the commercial bank, there were double purity requirements in the process.

But even so, it is not that long. So much in Germany as well as in Italy, the politics of the people are skeptical about being able to cope. This will lead to the management of both banks. Commerzbank chief Bettina Orlopp is committed to being diplomatic and will be a potential of Angebot, which has never happened before. Der Vorstand von BPM wiederum lehnt die vorhandene Quotation über 10 Billiarden Euro ab. Unicredit will die with its own shares and never again a capital increase.

In the autumn of the Commerzbank it is twice as coarse that the BPM of the Banco is, that Orcel über Aktien and Finanzderivative are Zugriff on 21 Prozent der Papiere. The vast majority of 1961 was now a first break – a response to the former Bundestagswahl. In Deutschland hält ferner der Bund noch 12 Prozent an der Commerzbank.

The evil against the BPM is the most witty. The Institute is the first in the year 2017 during a Fusion-entstanden, weshalb is nor two Hauptsitze gibt, in Mailand and Verona. If you start the BPM of the Banco, you can pay the money flow of the Vermögensverwalters for 1.6 Billion Euros. Dieser Asset-Manager has informed Unicredit of his policy, while he is chasing his debts in the sale.

Ferner has shut down France’s Grossbank Crédit Agricole 9.2 Prozent and BPM. It is a chance and risk for Unicredit that the Franzoses will sell woolen or other ambitious ambitions. You have all taken over the BPM value of the Italian Regie for 5 Prozent on the e-instigen Krisenbank Monte Paschi di Siena (MPS). In Rome, the entire company of MPS has received a large majority of the Institut nach Intesa Sanpaolo and Unicredit and the Wettbewerb on the Italian banking market has had a great chance.

Andrea Orcel muss four Gruppen überzeugen

Is everything complete? If all goes well, this is the case. Orcel has four group dominations: the tonangebenden-politiker, the management of the banks, the general banking department at the European Central Bank and the activities of the three credit institutions involved. Inquire about the purchase of two credit sales that lead to the Aktien von Unicredit-knapp 7 Prozent nach. Although it is as soon as possible, but if the war puts an end to the action, it is no longer possible.

It is an offensive, that Orcel is a domination with charm, but does not fall under the Brechstange approach, one with Unicredit accounts and in the ranking of the European banks. If you quickly receive a message about the time spent on Genialität or the Grössenwahn, the results of Wochen and Monate will be examined first. Derzeit spricht vales dafür, dass sich Orcel verhebt. But man sollte ihn nicht unterschätzen. Würde Orcel-allerdings with both plans, it is so that there are many words in the hinterlassen, which is like a university credit no longer active for a long time.

You can contact Frankfurter Wirtschaftscorrespondent Michael Rasch on the platforms X, Linkedin and Xing follow.