Germany's Merz: Commerzbank takeover bid by Unicredit 'unacceptable'

DPA

Tue, Jun 10, 2025, 7:01 AM 2 min read

German Chancellor Friedrich Merz has voiced strong opposition to Italian bank UniCredit's bid to take control of German lender Commerzbank, calling the proposed move "unacceptable."

The German government is committed to a "strong and independent Commerzbank" and takes fears regarding its independence and the future of Germany as a business and financial centre "very seriously," Merz said in a letter to the chair of the Commerzbank works council, Sascha Uebel, published on Tuesday.

Milan-based UniCredit has become the second-largest shareholder in Commerzbank since the partial exit by the German government in September, holding just over 28% of its shares.

UniCredit boss Andrea Orcel has been advocating for months to make Commerzbank a part of the Italian financial group, though no takeover offer has been made so far.

Ahead of a Commerzbank annual general meeting last month, Orcel said UniCredit might "wait until 2027" before making a move.

He said the Italian firm would take into consideration the perspective of the new German government and "whether Commerzbank's management wants to maintain constructive and bilateral relations."

The German state still holds more than 12% of Commerzbank's shares. Employees, management and unions fear that a takeover might result in widespread job cuts at Germany's second biggest private lender.

In Merz's letter, published by works council boss Uebel on LinkedIn, the German leader said he was backing Finance Minister Lars Klingbeil's position "that an uncoordinated and unfriendly approach such as that of the UniCredit Group is unacceptable."

"This is particularly true when it comes to a systemically important bank like Commerzbank," Merz wrote, adding that the lender's first quarter results hinted at a successful development.