FRANKFURT (Reuters) – Commerzbank (DE:), under fire for its strategy and leadership, on Friday rejected demands by top investor Cerberus for two seats on the German bank’s supervisory board.
Earlier this week, Cerberus launched a public campaign for change at Germany’s second-biggest bank, demanding the seats and other changes.
“We don’t have any vacancies,” said the letter from Commerzbank’s chairman to Cerberus.
The outright rejection of Cerberus’ No. 1 demand is expected to further embolden the U.S. investor to continue with its push for change.
A spokeswoman for Commerzbank confirmed that it had sent the letter.
Cerberus wasn’t immediately able to comment.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.