Morning Briefing: Wo der Bund bei der Commerzbank noch gewinnen kann

Good morning, esteemed readers. In recent days, Finance Minister Lars Klingbeil has encountered few opportunities for victory, even less so than in SPD committee meetings. This was evident during yesterday's meeting with Unicredit CEO Andrea Orcel. Despite the Bundesregierung's opposition, which holds nearly a dozen percent in Commerzbank, the Italians have managed to gain a majority at the Frankfurt bank.

This was only possible due to the Bund's poorly prepared sale of 4.5 percent, setting the stage for Finance Minister Klingbeil's initial encounter with Orcel in Berlin. Klingbeil's demands include abandoning operation-related dismissals, continuing the small and medium-sized business sector, and establishing a standalone Commerzbank AG in Frankfurt.

Orcel expressed gratitude for "the opportunity." In government circles, it's becoming clear that Commerzbank is heading to Unicredit. However, the question remains: How? The Bund has little leverage in this situation. Yet, it's worth noting once again that when the state enters a company as a savior, it needs an exit strategy from the start. By the end, such a strategy is rarely found.