Commerzbank-Aufsichtsratschef: Weidmann: Bund soll vorerst Aktionär bei Commerzbank bleiben

Commerzbank's supervisory board chairman Jens Weidmann believes the German government should continue to hold onto a stake in the bank for now, stating that "the involvement was part of a rescue measure, therefore the Bund should withdraw in the long term." However, he stresses that "it makes sense in this phase for the Bund to remain a shareholder to actively represent the interests of the German location," especially in light of the takeover rivalry with the Italian bank Unicredit.

Weidmann notes that the Bund has owned around 12 percent of Commerzbank since the financial crisis, making it the second-largest shareholder after the Italian bank. Unicredit, which submitted an offer for Commerzbank in May, has secured access to nearly 50 percent of the shares, surpassing the Bundesbank. The Bund has rejected selling its shares so far, but speculation exists that the government might consider exiting if the banks reach a consensus on a joint strategy.

Weidmann calls for a review of Germany's takeover law, highlighting that Unicredit's entry raised questions. While 73 percent of Commerzbank shares could have benefited Unicredit, only about 18 percent were utilized, with the rest coming from retail and other institutional investors. This allowed Unicredit to secure a majority without paying an appropriate control premium, raising concerns about German takeover law, which legislators might want to examine.

Weidmann also warns of potential setbacks for Commerzbank, as Unicredit's plan to cut 1.3 billion euros in costs within a year would require significant reductions in Germany.