(Alliance News) - The German government continues to oppose UniCredit's potential acquisition of Commerzbank, having unsuccessfully sought an alternative investor to counter the bid led by Andrea Orcel. According to reports from Bloomberg, Berlin initiated informal contacts earlier this year, though these never progressed beyond a preliminary stage.
As reported by Il Messaggero on Tuesday, UniCredit's operation is expected to launch in the coming days, following the May 4 shareholders' meeting convened to approve the capital increase supporting the offer.
The German government, Commerzbank's second-largest shareholder with a 12.7% stake, remains opposed to what it defines as a 'hostile' initiative, while the Italian Ministry of Economy recognizes its industrial merit. Since 2024, UniCredit has progressively increased its holding to nearly 27%, rising to approximately 33% when including derivatives.
Berlin fears that a potential takeover could shift the bank's decision-making center from Frankfurt to Milan, with possible repercussions for the financing of German small and medium-sized enterprises. Among the hypotheses considered was a request to relocate the group's headquarters to Germany, an option rejected by the Italian government.
On the operational front, Commerzbank is preparing to present its quarterly results on May 8. According to Handelsblatt, the bank is reportedly considering new staff cuts, though no precise figures have been provided, signaling growing pressure on the management team led by Bettina Orlopp.
By Antonio Di Giorgio, Alliance News reporter
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