Alemania sopesa vender su participación en Commerzbank a UniCredit

The German government, which holds a 12.7% stake in Commerzbank, is considering selling its share to UniCredit if both parties can reach a mutually beneficial strategic agreement. High-ranking German officials believe selling the state-owned stake to the Italian bank would be advantageous for both entities once UniCredit has gained nearly 50% of Commerzbank.

While these opinions do not represent the official stance of Berlin, government members are open to initiating talks for the transaction, according to Bloomberg citing sources close to the matter. The German government aims to facilitate an agreement that is favorable for both parties, ensuring Commerzbank continues to play a significant role in the second-largest commercial bank in Germany.

The German government's stance has shifted in recent months from strongly opposing the operation to considering a negotiated transition after confirming UniCredit could potentially gain control of the bank. UniCredit closed its voluntary takeover offer on Commerzbank with a stake representing 17.60% of the German bank's capital, raising its ownership to 47.59%.

However, UniCredit clarified that this percentage translates to 49.65% of Commerzbank's voting rights, as its own shares do not carry voting rights. On May 5th, UniCredit began the subscription period for its takeover offer on Commerzbank, aiming to surpass the 30% threshold and allowing for the exchange of 0.485 UniCredit shares for each German share.

UniCredit CEO Andrea Orcel has expressed confidence recently that the Italian bank could take control of Commerzbank starting in the fourth quarter and has left the door open to concessions during future discussions with the German government and the bank's company committee.