BERLIN (Reuters) -German Chancellor Friedrich Merz has told staff at Commerzbank he opposes Italian lender UniCredit’s efforts to build up a stake in the bank, in a letter which Germany’s finance minister said was “an important signal” about the government’s stance.
Merz addressed labour representatives at Commerzbank in a letter dated May 26, and posted on LinkedIn on Tuesday, saying the Italian lender’s approach for Germany’s second-biggest bank was unacceptable.
“This is particularly true when it comes to a systemically important bank such as Commerzbank AG,” wrote Merz, who has previously spoken out against a potential takeover attempt by UniCredit, which he has said would be devastating for Germany, with “a significant impact” on medium-sized businesses and export financing that rely heavily on bank lending.
“I am very grateful that the chancellor has spoken out,” German Finance Minister Lars Klingbeil said at a press conference with his Swedish counterpart, Elisabeth Svantesson, in Berlin.
UniCredit disclosed last year that it had built a web of financial transactions through derivatives to secure a Commerzbank stake of around 28%, and in March this year it received European Central Bank approval to get to 29.9%. Under German rules, crossing the 30% threshold triggers a buyout offer.
UniCredit has said the stake is a financial investment and pushed back any decision on a full takeover, which it says would be the best outcome, to 2026-2027.
“I recognise that the political statement of a chancellor alone is also an important political signal,” said Klingbeil.
“However, we are also engaged in political discussions. As soon as there are results, they will be made public,” he added.
Politicians in Berlin fear losing one of Germany’s few remaining big commercial banks as well as tying their country’s fortunes to those of debt-laden Italy.
(Reporting by Thomas Seythal and Miranda Murray, additional reporting by John O’Donnell, editing by Friederike Heine and Susan Fenton)