By Adria Calatayud


Commerzbank Chief Executive Bettina Orlopp said she sees a "messy scenario" ahead if UniCredit's bid ends up being accepted under what she called the Italian bank's current hostile approach.

"The worst of all options is a hostile takeover because it will destroy a lot of value," Orlopp said at a Goldman Sachs event in Zurich.

A scenario in which UniCredit ends up with a stake in Commerzbank of between 40% and 50% would be very messy for both sides, Orlopp said. UniCredit would need a 75% majority to introduce structural measures at Commerzbank, and that could be hard to achieve given the opposition from the German government--the bank's second-biggest shareholder--and other investors, she added.

In Commerzbank's view, the most likely outcome of the offer would be UniCredit achieving a stake above 30% but without enacting control, Orlopp said.

UniCredit said this week that shareholders representing a 7.6% stake in Commerzbank had committed to tender their holdings, giving it direct ownership of 34.4% when combined with its existing stake. Commerzbank later said it asked Germany's financial watchdog to review UniCredit's disclosure about the support levels for its takeover offer.

UniCredit didn't immediately reply to a request for comment.


Write to Adria Calatayud at adria.calatayud@wsj.com


(END) Dow Jones Newswires

06-04-26 0937ET