“The German government is not obstructing the merger or acquisition of Commerzbank by Unicredit, but does not approve the manner in which the operation was conducted." This was stated by the German Chancellor Friedrich Merz, returning to talk about the takeover after the conclusion of the offer that brought the bank led by Andrea Orcel 47,59% of the capital of the Frankfurt institution, which becomes almost 60% if derivatives with cash-only settlement are included in the calculation.
Merz: "We are not obstructing the operation, nor have we ever attempted to do so."
Unicredit's takeover of Commerzbank began in September 2024. And from the beginning, first the Scholz government and then the Merz executive have always expressed their opposition to the Italian-German wedding, repeatedly and vehemently attacking the ways in which it was carried out.
Today, the German Chancellor returned to the issue at a press conference in Berlin, claiming that his government never hindered the operation, Neither in the past nor in the present. Words that smack of surrender, after the successful takeover bid, and which could please not only Piazza Gae Aulenti, but also the European Central Bank, which has never appreciated political interference in cross-border transactions.
The criticism, however, remains: "What we have always maintained is that the way Commerzbank was targeted does not meet our approval," the Chancellor specified. "What we can evaluate is the way in which all this happened. We considered it inappropriate and, in some respects, aggressive", It reaffirmed.
Merz: “We will not give up our 12%
Il German federal government “still owns about 12% of Commerzbank. We were among those who did not accept the offer to sell those shares. And, at the moment, no change is under discussion of this position", Merz reiterated during the press conference.
“Beyond this – the Chancellor underlined – we must accept that a significant portion of the Commerzbank shareholders have made a different decision. But that's how a market economy works." "We also believe it is legitimate to question the business model"Because Commerzbank plays an important role in financing German small and medium-sized businesses. I would be very reluctant to see this role cease to be fulfilled in the future," he concluded.
