Commerzbank: Klingbeil wants to meet Unicredit boss Orcel in September
For a long time, the German government opposed the takeover of Commerzbank by Unicredit. But now, according to insiders, there is movement.
Berlin and Frankfurt – The German government is seeking to engage with Italy's major bank Unicredit in the bid to acquire Commerzbank. Finance Minister Lars Klingbeil (SPD) has invited Unicredit CEO Andrea Orcel to meet with him at the Federal Finance Ministry on September 14, according to a government representative who spoke with Handelsblatt on Wednesday.
Klingbeil intends to outline the government's position and engage in a dialogue during the exchanges. "This complements the discussions between the two banks, which remain responsible for deliberating on the subsequent steps," he added. Reuters was the first to report on the planned meeting. The Bund still holds 13 percent in Commerzbank, making it the second-largest shareholder following the financial rescue in 2008.
Unicredit is set to control nearly 50 percent of the shares – and thus hold the majority at the next shareholder meeting. The German government had long advocated for Commerzbank's independence, but abandoned this stance in the summer. However, a hostile takeover is still ruled out by the Bund, according to government circles.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
