«We expect Unicredit to abandon its takeover attempt,» said German Finance Minister Lars Klingbeil (SPD) to the German Press Agency (DPA). «We continue to support an independent Commerzbank. Commerzbank is a systemically important bank in Germany. It has proven that it can be successful on its own.»

With this, the federal government under Chancellor Friedrich Merz is calling on Unicredit CEO Andrea Orcel to end his efforts to acquire Commerzbank.

Major Stake Acquired

In the autumn, Unicredit made a significant move into Germany’s second-largest private bank. It purchased a large stake (4,5 percent of shares) from the Finance Ministry under then-Minister Christian Lindner, who was reducing the state's ownership. This was followed by further market purchases and the acquisition of control over additional shares via derivatives.

Close to 20 Percent

On Tuesday, Unicredit doubled its direct equity stake in Commerzbank — and thus its voting rights — from just under 10 percent to around 20 percent. This makes the Italian banking giant the largest shareholder in the Frankfurt-based DAX-listed company, ahead of the German government, which still holds just over 12 percent.

«Hostile Approach»

The federal government’s stance remains unchanged, Klingbeil emphasized:
«We reject Unicredit’s uncoordinated and hostile approach. The federal government has made this very clear to Unicredit. The state will not sell its stake.»

Unicredit has announced its intention to convert the remaining approximately 9 percent of Commerzbank shares — currently controlled via financial instruments — into direct equity «in due course.»

Once Unicredit reaches a 30 percent shareholding, it would be legally required to make a formal takeover offer to the remaining Commerzbank shareholders. Unicredit, which already has a foothold in the German market through Hypovereinsbank (HVB), sees opportunities in a merger, particularly in retail and SME banking.

In Germany, however, the prospect of a merger is raising concerns about potential job cuts and branch closures.