Germany's Commerzbank staff protest UniCredit takeover threat

Dressed arsenic a Gallic warrior warring Roman invaders oregon wearing the yellowish of the Commerzbank logo, employees from the German lender protested Thursday against immoderate takeover effort by Italy's UniCredit.

About 200 unit staged the objection extracurricular the yearly shareholders' gathering of Commerzbank successful the German metropolis of Wiesbaden, arsenic the lender fights backmost against advances from its Italian peer.

UniCredit has built up a hefty involvement successful Commerzbank since past year, sparking speculation it could question to swallow up Germany's second-biggest bank, successful a determination that shocked Berlin's firm and governmental elite.

"We privation to enactment autarkic due to the fact that we deliberation it's amended for us," said Christine Pfeiffenberger, 52, a slope worker who held a banner with the slogan "my bosom beats successful yellow" written successful Italian.

Another demonstrator, Denis Krutikov, 50, said shareholders "need to inquire themselves if it is simply a bully thought to merge with UniCredit whilst workers are against the idea".

One protester, inspired by the Asterix comic series, was dressed arsenic a Gallic warrior and held a motion showing idiosyncratic being flattened by a menhir, the elephantine sculpted rocks that Asterix's companion Obelix carries around.

Commerzbank has fought backmost fiercely against UniCredit's moves, and main enforcement Bettina Orlopp told shareholders astatine Thursday's gathering that the radical aimed to go a "key" European bank.

But immoderate shareholders signalled a much accommodating cognition towards immoderate imaginable tie-up.

Hendrik Schmidt of plus manager DWS said absorption needed to see immoderate was champion for the bank.

"Cooperation should not beryllium taboo," helium told the gathering.

- Job cuts, stock buybacks -

Commerzbank past week reported its champion quarterly nett since 2011 and has besides announced thousands of occupation cuts and stock buybacks successful a bid to marque itself much charismatic to shareholders.

The saga began successful September erstwhile Italy's second-biggest lender revealed its had built up a involvement successful its German rival, triggering speech that CEO Andrea Orcel wanted to propulsion for an ambitious pan-European banking merger.

UniCredit has since boosted its holding via shares and derivatives to astir 28 percent.

It has besides received the greenish airy from regulators to bargain up to 29.99 percent of Commerzbank, conscionable beneath the level astatine which it would beryllium required by instrumentality to marque an connection for each of the bank.

Financial quality bureau Bloomberg reported Wednesday that Orcel had written to caller German Chancellor Friedrich Merz successful a bid to commencement talks.