Commerzbank

Vice-chancellor Lars Klingbeil has invited UniCredit chief Andrea Orcel to the Federal Ministry of Finance on September 14 to set out the federal government's position on a possible takeover of Commerzbank. The invitation signals a change of course after earlier criticism of UniCredit's approach, which had been described as "aggressive." UniCredit now holds almost 50 percent of Commerzbank, while the federal government, with around 12 percent, is the second-largest shareholder and therefore plays a decisive role in any potential transaction. » More on zeit.de

Federal Finance Minister Lars Klingbeil has invited UniCredit chief Andrea Orcel to Berlin on September 14 to discuss Commerzbank’s role in financing the German economy and its importance for the Frankfurt financial centre. The meeting signals an end to the federal government’s previous blocking stance toward a possible takeover by UniCredit. UniCredit has increased its stake in Commerzbank to up to 49.65 percent, while the federal government still holds just over twelve percent; the meeting is not linked to a final decision on how to proceed. » More on deraktionaer.de

Supervisory board chairman Jens Weidmann criticizes that UniCredit was able to secure a majority in Commerzbank without an appropriate control premium and calls for a review of German takeover law. He points out that only a small portion of the tendered shares came from independent investors and demands legislative reviews. Weidmann warns that UniCredit’s cost-cutting plans of €1.3 billion within twelve months are likely to lead to massive cuts in Germany as well, but offers Andrea Orcel strategic talks. He argues that the federal government should remain a shareholder for the time being to represent Germany’s interests. » More on manager-magazin.de