BERLIN — German Finance Minister Lars Klingbeil outlined specific demands to UniCredit CEO Andrea Orcel on Monday regarding the Italian bank's potential acquisition of Commerzbank, marking a shift in the two-year contest for control of one of Germany's largest financial institutions.
The German finance ministry stated that its requirements include Commerzbank maintaining its listing on the stock exchange, retaining its headquarters in Frankfurt, and continuing its role in financing German medium-sized companies both domestically and internationally.
This discussion marks a turning point after Berlin's previous efforts to prevent a takeover failed. UniCredit had gradually built a stake nearing 50 percent in Commerzbank, leading German officials and Commerzbank executives to soften their resistance to a potential deal.
Klingbeil said in a statement that he had made clear to Orcel that further negotiations "must be conducted responsibly."
Orcel described the meeting as a "good and constructive initial discussion, that will be swiftly followed by others." He added that both sides must now "reflect on this initial discussion so that a way forward can be found in the best interest of all stakeholders and shareholders."
The German government's primary objectives are to protect jobs within Commerzbank and safeguard the brand of a bank considered vital to Europe's largest economy. Commerzbank provides financing to Germany's extensive network of medium-sized companies.
A German finance ministry spokesperson indicated a change in approach on Monday, saying the government was "no longer just" seeking to block what it once called a hostile takeover, "but about finding the best path forward for both banks."
Should UniCredit successfully acquire Commerzbank, the combined entity would manage more than €1.3 trillion in assets, spanning two of the euro zone's largest economies.
UniCredit's pursuit of Commerzbank began in 2024 when Orcel initiated a process of acquiring shares, surprising both the German government and Commerzbank's leadership, who initially attempted to block the takeover.
The German government retains a 13.3 percent stake in Commerzbank, a holding that dates to a bailout the bank received during the global financial crisis.
