Commerzbank Steals the Spotlight: Merz Slams Unicredit Over "Underhanded" Tactics
Unicredit's actions are unacceptable, according to Merz's statement.
Things are heating up in the banking world, with Commerzbank finding itself under siege by Italian megabank Unicredit. Chancellor Friedrich Merz is not happy about it, calling Unicredit's actions "unacceptable."
In a letter to Commerzbank's works council, Merz sides with Finance Minister Lars Klingbeil, who had previously stated that an uncoordinated and unfriendly approach like that of the Unicredit Group is a no-go, especially when dealing with a systemically important bank like Commerzbank.
Unicredit, sneaky as a fox, has been accumulating shares of Commerzbank without much fanfare. The Italian bank now holds around 28% of the German bank's shares through financial instruments. They're eyeing a merger with their Munich-based subsidiary Hypovereinsbank (HVB), but they're facing some serious pushback.
Commerzbank's CEO, Bettina Orlopp, is focusing on making the bank more appealing to shareholders by slashing jobs and buying back shares. And the German government, led by Merz, is making it clear: Hands off our banking giant!
Unicredit's CEO, Andrea Orcel, continues to stand his ground. He's got 30% and he's not afraid to use it. He's promised to wait until 2027 to make a move, but make no mistake—he's still stalking the prey.
So, why the cloak-and-dagger games? Maybe Unicredit thinks they'll catch more flies with honey than vinegar. Either way, it's a dangerous game to play when the stakes are this high.
Sources: ntv.de, chr/rts
- Commerzbank
- Unicredit
- Friedrich Merz
- Lars Klingbeil
- Banks
Here's a Quick Run Down of Unicredit's Stealthy Advancement:
- Sept 2024: UniCredit, Italy's second-largest bank, revealed it had built a stake in Commerzbank, sparking merger speculation[2].
- May 2025: UniCredit increased its stake in Commerzbank to around 28%, using shares and derivatives. Regulatory approval was granted for up to 29.99%[2].
- May 2025: Commerzbank announced its ambition to become a key European bank and hinted at potential cooperation[2].
- May 2025: Orcel wrote to German Chancellor Friedrich Merz, initiating talks[2].
- May 25, 2025: Merz publicly criticized UniCredit's approach, calling it "unacceptable" and highlighting Commerzbank's importance to Germany's financial system[1].
- June 2025: Orcel responded to Merz's criticism as UniCredit awaits approval to increase its stake to 30% in Commerzbank[4].
Bottom Line:
Unicredit's sneaky tactics haven't gone unnoticed, and both Commerzbank and the German government are fighting tooth and nail to protect the banking giant. But with Orcel waiting in the wings with 30%, the game is far from over. So buckle up, folks—this one's going to get messy!
- The escalating conflict between Commerzbank and Unicredit, being played out in the realms of finance, business, and politics, has sparked a heated conversation around community and employment policies, as German Chancellor Friedrich Merz and Finance Minister Lars Klingbeil express their concerns about Unicredit's tactics and their potential impact on Commerzbank's workforce.
- As general-news outlets continue to cover the controversial tactics employed by Unicredit to accumulate a significant stake in Commerzbank, the focus has shifted towards the larger implications of such business maneuvers on the financial stability and national interests of the respective countries involved.
