INTERNATIONAL - Germany’s Verdi labor union on Tuesday objected strongly to a possible merger between Deutsche Bank and Commerzbank, arguing that the merged group would be a more attractive target for a hostile foreign takeover.
The union also said in a statement to Reuters that Deutsche’s problem investment bank, would not be helped by a tie-up with Commerzbank. A merger would put at least 10,000 jobs at risk, it added.
“We reject a merger,” said Jan Duscheck, head of Verdi’s banking division.
It wouldn’t create a truly big bank in the European market, and the new entity would be “considerably more attractive for a hostile takeover, for example, by France,” he said.
“The merger would not result in a ‘national champion’,” he added.