Exclusive: German Finance Minister Expresses Concerns About UniCredit Move to Italy, Sources Report

By John O’Donnell

BERLIN – Germany’s finance minister has expressed concerns to Italy’s Treasury regarding the potential takeover of Commerzbank by the Italian lender UniCredit, according to sources familiar with the matter. This communication appears to be part of Berlin’s efforts to prevent what it perceives as an unwanted acquisition.

Christian Lindner articulated his stance to the Italian economy and finance ministry, led by Giancarlo Giorgetti, coinciding with German Chancellor Olaf Scholz’s public disapproval of UniCredit’s recent move to become the largest shareholder in Commerzbank.

Germany aims to slow down the takeover of Commerzbank, a vital institution for financing the medium-sized enterprises that form the backbone of its economy. The political pressure intensified following UniCredit’s acquisition of around 20% of Commerzbank’s shares, which could set the stage for a takeover attempt.

Discussions regarding a potential merger started on Friday. Despite divisions within Germany’s coalition government on various issues, the issue of UniCredit’s maneuvers toward Commerzbank has created a rare moment of consensus, especially in light of public outcry from employees, trade unions, and the bank’s management.

Although Lindner, a member of the pro-free market FDP party, has been more cautious in his public remarks compared to Scholz, his ministry shares frustrations over what officials perceive as aggressive tactics by UniCredit.

Neither Germany’s finance ministry nor Italy’s Treasury commented on the matter. Earlier this week, Scholz denounced UniCredit’s actions, characterizing them as "an unfriendly attack." Trade unions, which hold considerable sway over Scholz’s Social Democrat party, are pressing for strong measures to protect jobs amid concerns about potential layoffs.

Lindner, whose liberal party has faced setbacks in recent regional elections and is experiencing declining national support, is also mindful of the potential repercussions from the deal. Opposition politicians have criticized his ministry for what they claim was a mismanaged sale of part of the government’s stake in Commerzbank that led to UniCredit’s unexpected move. Lindner has dismissed this critique, asserting that the government cannot favor any specific buyer.

Nonetheless, there is significant frustration directed at UniCredit for its aggressive approach, perceived as an attempt to preempt any other potential bidders, according to one insider.

Some senior legislators in Lindner’s FDP party privately believe the government should allow market forces to determine the deal’s value. However, officials still view UniCredit’s strategy as a potential threat to Germany’s financial stability. UniCredit’s CEO, Andrea Orcel, has indicated that he might withdraw from the deal if there is significant resistance.