{"id":26348,"date":"2026-03-16T17:51:19","date_gmt":"2026-03-16T17:51:19","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/26348\/"},"modified":"2026-03-16T17:51:19","modified_gmt":"2026-03-16T17:51:19","slug":"nemecko-dostalo-nabidku-kterou-nechtelo-italove-sahaji-po-commerzbank","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/26348\/","title":{"rendered":"N\u011bmecko dostalo nab\u00eddku, kterou necht\u011blo. Italov\u00e9 sahaj\u00ed po Commerzbank"},"content":{"rendered":"

\u010cl\u00e1nek si tak\u00e9 m\u016f\u017eete poslechnout v\u00a0audioverzi.<\/p>\n

UniCredit nab\u00eddne odkup akci\u00ed v\u00a0p\u0159epo\u010dtu a\u017e za 856\u00a0miliard korun. Zdaleka je ale nepot\u0159ebuje v\u0161echny\u00a0\u2013 italsk\u00e1 banka se spokoj\u00ed jen se zlomkem z\u00a0nich.<\/p>\n

Nab\u00eddkou c\u00edl\u00ed na men\u0161\u00ed akcion\u00e1\u0159e. UniCredit toti\u017e u\u017e sta\u010d\u00ed z\u00edskat nav\u00edc jen n\u011bkolik desetin procenta akci\u00ed, aby v\u00a0Commerzbank z\u00edskala rozhoduj\u00edc\u00ed vliv.<\/p>\n

\u201eNovou situaci budeme bez p\u0159edsudk\u016f a\u00a0zodpov\u011bdn\u011b prov\u011b\u0159ovat a\u00a0vyhodnocovat,\u201c uvedl k\u00a0nab\u00eddce UniCredit Boris Rhein, zemsk\u00fd premi\u00e9r Hesenska, kde Commerzbank s\u00eddl\u00ed. Do\u0161lo p\u0159itom na sc\u00e9n\u00e1\u0159, kter\u00e9mu se n\u011bme\u010dt\u00ed politici cht\u011bli vyhnout.<\/p>\n

Druh\u00fdm nejv\u011bt\u0161\u00edm akcion\u00e1\u0159em Commerzbank je spolkov\u00e1 vl\u00e1da, kter\u00e1 se v\u016f\u010di UniCredit dlouhodob\u011b vymezuje. Berl\u00edn nechce, aby se jeden z\u00a0nejv\u011bt\u0161\u00edch pen\u011b\u017en\u00edch institut\u016f v\u00a0N\u011bmecku slou\u010dil se zahrani\u010dn\u00ed bankou. <\/p>\n

Vedle toho m\u00e1 vl\u00e1da obavy z\u00a0p\u0159\u00edpadn\u00e9ho propou\u0161t\u011bn\u00ed bankovn\u00edch zam\u011bstnanc\u016f a\u00a0z mo\u017en\u00e9ho omezen\u00ed \u00fav\u011br\u016f, hlavn\u011b pro st\u0159edn\u011b velk\u00e9 firmy.<\/p>\n

P\u0159ed lety to ale byl pr\u00e1v\u011b n\u011bmeck\u00fd st\u00e1t, d\u00edky kter\u00e9mu se UniCredit k\u00a0akci\u00edm Commerzbank v\u016fbec dostala. \u010c\u00e1ste\u010dn\u00e1 privatizace ale dopadla jinak, ne\u017e si Berl\u00edn p\u0159edstavoval.<\/p>\n

Commerzbank<\/p>\n

Po Deutsche Bank a\u00a0DZ Bank jde o\u00a0t\u0159et\u00ed\u00a0nejv\u011bt\u0161\u00ed banku na n\u011bmeck\u00e9m trhu. Commerzbank je kl\u00ed\u010dov\u00fdm poskytovatelem \u00fav\u011br\u016f hlavn\u011b pro men\u0161\u00ed a\u00a0st\u0159edn\u011b velk\u00e9 podniky (tzv. Mittelstand). Spolupracuje s\u00a0v\u00edce ne\u017e 20\u00a0tis\u00edci firemn\u00edmi skupinami. I\u00a0kv\u016fli tomu se n\u011bmeck\u00e1 vl\u00e1da br\u00e1n\u00ed jej\u00edmu p\u0159evzet\u00ed zahrani\u010dn\u00edm subjektem.<\/p>\n

Commerzbank se zam\u011b\u0159uje i\u00a0na zahrani\u010dn\u00ed obchod. Je v\u011bt\u0161inov\u00fdm vlastn\u00edkem polsk\u00e9 mBank, kter\u00e1 p\u016fsob\u00ed i\u00a0na \u010desk\u00e9m trhu. Podobn\u011b jako mate\u0159sk\u00e1 firma se tak\u00e9 mBank soust\u0159ed\u00ed na firemn\u00ed klientelu. V\u00a0\u010cR m\u00e1 pobo\u010dku i\u00a0samotn\u00e1 Commerzbank, kter\u00e1 c\u00edl\u00ed na korpor\u00e1tn\u00ed klientelu a\u00a0nab\u00edz\u00ed slu\u017eby spojen\u00e9 s\u00a0kapit\u00e1lov\u00fdmi trhy.<\/p>\n

Italsk\u00e1 banka m\u011bla mnohem v\u011bt\u0161\u00ed ambice a\u00a0to, co Berl\u00edn pova\u017eoval za odprod\u00e1n\u00ed n\u011bkolika procent Commerzbank, odstartovalo z\u00e1kulisn\u00ed boj o\u00a0kontrolu.<\/p>\n

N\u011bmecko p\u016fvodn\u011b v\u00a0Commerzbank dr\u017eelo \u010dtvrtinu akci\u00ed, kter\u00e9 skoupilo i\u00a0kv\u016fli finan\u010dn\u00ed krizi v\u00a0letech 2008\u00a0a\u00a02009.\u00a0Pot\u00e9, co byla z\u00e1chrana banky zaji\u0161t\u011bna, cht\u011bl st\u00e1t sv\u00e9 anga\u017em\u00e1 op\u011bt omezit. V\u00a0aukci nab\u00eddl pod\u00edl 4,5\u00a0procenta Commerzbank, kter\u00fd vydra\u017eila pr\u00e1v\u011b UniCredit.<\/p>\n

Italsk\u00e1 banka ale soub\u011b\u017en\u011b s\u00a0t\u00edm nen\u00e1padn\u011b skupovala akcie na trhu. N\u011bkdy i\u00a0skryt\u00fdmi prost\u0159edky.<\/p>\n

V z\u00e1\u0159\u00ed 2024, jen p\u00e1r t\u00fddn\u016f po zm\u00edn\u011bn\u00e9 dra\u017eb\u011b, tak investory i\u00a0politiky p\u0159ekvapila zpr\u00e1vou, \u017ee v\u00a0Commerzbank postupn\u011b z\u00edskala rovn\u00fdch 21\u00a0procent akci\u00ed. Vypomohla si k\u00a0tomu i\u00a0takzvan\u00fdmi finan\u010dn\u00edmi deriv\u00e1ty\u00a0\u2013 \u0159adu akci\u00ed sice fyzicky nevlastnila, ale p\u0159es tyto n\u00e1stroje na n\u011b m\u011bla n\u00e1rok. Mimo jin\u00e9 i\u00a0proto unikla hled\u00e1\u010dku antimonopoln\u00edch \u00fa\u0159ad\u016f.<\/p>\n

UniCredit<\/p>\n

Nadn\u00e1rodn\u00ed bankovn\u00ed spole\u010dnost se s\u00eddlem v\u00a0Mil\u00e1n\u011b, kter\u00e1 se dote\u010f soust\u0159edila hlavn\u011b na st\u0159edn\u00ed a\u00a0v\u00fdchodn\u00ed Evropu. Co do tr\u017en\u00ed kapitalizace jde o\u00a0druhou nejv\u011bt\u0161\u00ed banku v\u00a0EU po \u0161pan\u011blsk\u00e9 Banco Santander. Zam\u011b\u0159uje se na person\u00e1ln\u00ed i\u00a0firemn\u00ed bankovnictv\u00ed. Kl\u00ed\u010dov\u00fdm zdrojem jej\u00edch zisk\u016f je ale spolupr\u00e1ce s\u00a0korporacemi a\u00a0movitou klientelou.<\/p>\n

UniCredit v\u00a0posledn\u00edch letech v\u00fdrazn\u011b expanduje. V\u00a0roce 2024\u00a0p\u0159evzala rumunskou pobo\u010dku Alpha Bank, kterou spravoval mate\u0159sk\u00fd \u0159eck\u00fd koncern\u00a0\u2013 i\u00a0v n\u011bm si UniCredit postupn\u011b buduje pod\u00edl. Instituce p\u016fsob\u00ed i\u00a0na \u010desk\u00e9m trhu. UniCredit Bank se v\u00a0\u010cesku zam\u011b\u0159uje na financov\u00e1n\u00ed \u010desk\u00e9ho pr\u016fmyslu a\u00a0exportn\u00edch podnik\u016f. Slu\u017eby ale nab\u00edz\u00ed i\u00a0soukrom\u00e9 klientele.<\/p>\n

\u201eNep\u0159\u00e1telsk\u00e9 \u00fatoky a\u00a0nep\u0159\u00e1telsk\u00e1 p\u0159evzet\u00ed nejsou nic, co by pro banky bylo dobr\u00e9,\u201c komentoval to tehdej\u0161\u00ed kancl\u00e9\u0159 Olaf Scholz a\u00a0zd\u016fraznil, \u017ee Commerzbank mus\u00ed z\u016fstat nez\u00e1visl\u00e1. Stejn\u011b to vid\u00ed i\u00a0jeho n\u00e1stupce Friedrich Merz. Tak\u00e9 on vin\u00ed UniCredit ze snahy o\u00a0nep\u0159\u00e1telsk\u00e9 p\u0159evzet\u00ed Commerzbank.<\/p>\n

Commerzbank je pro n\u011bmeck\u00e9 podnikatele kl\u00ed\u010dov\u00e1<\/p>\n

Italsk\u00e1 banka svou taktikou doposud nashrom\u00e1\u017edila u\u017e skoro 30\u00a0procent akci\u00ed. Dostala se tak k\u00a0hranici, kter\u00e1 v\u00a0N\u011bmecku p\u0159edstavuje miln\u00edk. Pokud te\u010f p\u0159esv\u011bd\u010d\u00ed n\u011bkter\u00e9 men\u0161\u00ed investory a\u00a0sv\u016fj pod\u00edl nav\u00fd\u0161\u00ed, tak u\u017e m\u016f\u017ee postupovat zcela nepokryt\u011b.<\/p>\n

S pod\u00edlem nad 30\u00a0procent toti\u017e z\u00edsk\u00e1 rozhoduj\u00edc\u00ed slovo ve veden\u00ed banky a\u00a0z pohledu \u00fa\u0159ad\u016f se stane takzvan\u00fdm \u201edr\u017eitelem kontroly\u201c v\u00a0cel\u00e9 firm\u011b. Ze z\u00e1kona bude m\u00edt dokonce povinnost podat nab\u00eddku na vyplacen\u00ed ostatn\u00edch akcion\u00e1\u0159\u016f.<\/p>\n

UniCredit si u\u017e p\u0159edem zajistila povolen\u00ed od Evropsk\u00e9 centr\u00e1ln\u00ed banky, aby o\u00a0takto vysok\u00fd pod\u00edl mohla usilovat. Od p\u0159evzet\u00ed kontroly v\u00a0n\u011bmeck\u00e9m \u00fastavu ji tak d\u011bl\u00ed u\u017e jen desetiny procenta pod\u00edlu, kter\u00fd mus\u00ed od n\u011bkoho koupit. P\u0159\u00edpadn\u00fdm z\u00e1jemc\u016fm nab\u00edz\u00ed v\u00fdm\u011bnu akci\u00ed Commerzbank za cenn\u00e9 pap\u00edry samotn\u00e9 UniCredit.<\/p>\n

\u201eNab\u00eddka m\u00e1 za c\u00edl p\u0159ekro\u010dit 30procentn\u00ed hranici stanovenou n\u011bmeck\u00fdm pr\u00e1vem o\u00a0p\u0159evzet\u00ed a\u00a0v nadch\u00e1zej\u00edc\u00edch t\u00fddnech podpo\u0159it konstruktivn\u00ed dialog s\u00a0Commerzbank a\u00a0jej\u00edmi zainteresovan\u00fdmi stranami,\u201c uvedla UniCredit.<\/p>\n

<\/a><\/p>\n

Tomuto sc\u00e9n\u00e1\u0159i se p\u0159itom cht\u011bla vyhnout nejen spolkov\u00e1 vl\u00e1da coby druh\u00fd nejv\u011bt\u0161\u00ed akcion\u00e1\u0159, ale i\u00a0samotn\u00e9 veden\u00ed Commerzbank. Stejn\u011b jako odbory, kter\u00e9 se boj\u00ed p\u0159\u00edpadn\u00e9ho propou\u0161t\u011bn\u00ed.<\/p>\n

Myslet p\u0159itom mohou nejen na zam\u011bstnance samotn\u00e9 banky, ale i\u00a0na men\u0161\u00ed a\u00a0st\u0159edn\u011b velk\u00e9 firmy, pro kter\u00e9 je Commerzbank d\u016fle\u017eit\u00fdm poskytovatelem \u00fav\u011br\u016f.<\/p>\n

\u201eTo je dal\u0161\u00ed stupe\u0148 drzosti. Nen\u00ed to jen nekoordinovan\u00e9, je to nep\u0159\u00e1telsk\u00e9,\u201c \u0159ekl agentu\u0159e DPA \u0161\u00e9f podnikov\u00e9 rady Commerzbank Sascha Uebel, kter\u00fd zastupuje zam\u011bstnance. Odbory se pr\u00fd budou snah\u00e1m o\u00a0p\u0159evzet\u00ed br\u00e1nit v\u0161emi zp\u016fsoby. Uebel ale zat\u00edm nebyl konkr\u00e9tn\u011bj\u0161\u00ed.<\/p>\n

\u0160\u00e9f italsk\u00e9 UniCredit Andrea Orcel raz\u00ed jednoduchou strategii. V\u00a0Evrop\u011b podle n\u011bj mus\u00ed vzniknout protiv\u00e1ha velk\u00fdch americk\u00fdch bank a\u00a0p\u0159evzet\u00ed Commerzbank by vzniku takov\u00e9ho \u00fastavu napomohlo. I\u00a0p\u0159es politick\u00fd odpor Berl\u00edna na sv\u00e9m pl\u00e1nu trv\u00e1.<\/p>\n

\u201eN\u00e1\u0161 vzkaz pro Commerzbank zn\u00ed: Nastal \u010das jednat,\u201c uvedl Orcel na telefonick\u00e9 konferenci a\u00a0odm\u00edtl, \u017ee by jeho firma usilovala o\u00a0nep\u0159\u00e1telsk\u00e9 p\u0159evzet\u00ed. Orcel uvedl, \u017ee te\u010f douf\u00e1 v\u00a0konstruktivn\u00ed dialog s\u00a0ostatn\u00edmi pod\u00edln\u00edky. V\u010detn\u011b z\u00e1stupc\u016f spolkov\u00e9 vl\u00e1dy.<\/p>\n

Samotn\u00e9 skupov\u00e1n\u00ed akci\u00ed by mohlo za\u010d\u00edt v\u00a0kv\u011btnu, pokud ho podpo\u0159\u00ed valn\u00e1 hromada UniCredit.<\/p>\n

Italsk\u00e1 bankovn\u00ed skupina u\u017e v\u00a0N\u011bmecku p\u016fsob\u00ed. Pat\u0159\u00ed j\u00ed tamn\u00ed Hypovereinsbank, kter\u00e1 je \u0161est\u00fdm\u00a0nejv\u011bt\u0161\u00edm pen\u011b\u017en\u00edm \u00fastavem na n\u011bmeck\u00e9m trhu.<\/p>\n

Pozice Commerzbank je mnohem siln\u011bj\u0161\u00ed. \u00dastav se s\u00eddlem ve Frankfurtu nad Mohanem je trojkou na trhu a\u00a0vedle financov\u00e1n\u00ed st\u0159edn\u00edch podnik\u016f se zam\u011b\u0159uje i\u00a0na zahrani\u010dn\u00ed obchod.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010cl\u00e1nek si tak\u00e9 m\u016f\u017eete poslechnout v\u00a0audioverzi. UniCredit nab\u00eddne odkup akci\u00ed v\u00a0p\u0159epo\u010dtu a\u017e za 856\u00a0miliard korun. Zdaleka je ale…\n","protected":false},"author":2,"featured_media":26349,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1985,67,68,11977,375,4999],"class_list":{"0":"post-26348","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-banky","9":"tag-business","10":"tag-byznys","11":"tag-commerzbank","12":"tag-nemecko","13":"tag-unicredit-bank"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116240127668438931","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/26348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=26348"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/26348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/26349"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=26348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=26348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=26348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}