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HVB defends Unicredit takeover

Sahil Nagpal 29 July 2008

Munich - HypoVereinsbank (HVB) chief Wolfgang Sprissler defended Tuesday the German bank's takeover by Italy's Unicredit saying it had been in HVB's best-long term strategic interests.

Speaking at HVB's last annual shareholders meeting, Sprissler said that it would also help the bank "through periods of weak economic conditions."

Sprissler also said the Munich-based HVB's second quarter had turned in a satisfactory second-quarter performance despite the turbulence in global financial markets.

Unicredit owns more than 95 per cent of HVB and plans to take over the remaining stakes held by small shareholders as part of a so-called Squeeze Out.

As a result, HVB will not hold any further annual general metings.

Shareholder critics of Unicredit's acquistion of HVB say the Italian bank paid too little for the Munich-based bank's Bank Austria offshoot. (dpa)

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Munich