UNICREDIT

Vice‑Chancellor Lars Klingbeil has invited UniCredit chief Andrea Orcel to the Federal Ministry of Finance on 14 September to set out the federal government’s position on the planned takeover of Commerzbank. UniCredit already holds almost 50 percent of the shares and is pursuing a takeover, while the federal government, with around 12 percent, is the second‑largest shareholder. Debates are focused on the Mittelstand, the financial centre in Frankfurt, employment and possible billions in savings through job cuts and a shrinking foreign network. It is unclear whether the federal government will block the takeover, support it, or consider selling its stake. » More on zeit.de

Federal Finance Minister Lars Klingbeil has invited Unicredit CEO Andrea Orcel to a meeting on September 14 to set out the federal government's position on Commerzbank's future. The federal government, which holds around 13 percent of Commerzbank, is monitoring the discussions but stresses that the banks themselves must responsibly negotiate the way forward. The government continues to reject a hostile takeover and wants to ensure security for small and medium-sized businesses, employees and the financial centre in Frankfurt, while Unicredit would soon control almost 50 percent of the shares after an offer. » More on handelsblatt.com

Jens Weidmann, chairman of Commerzbank’s supervisory board, is calling for a review of German takeover law after UniCredit gained control, even though he judged the offer to be financially unattractive. Of roughly 73% of shares that could have been tendered, less than 18% were tendered; institutional and retail investors accounted for less than three percentage points, with the remainder coming from UniCredit’s circle. The transaction has not yet been fully completed because regulatory approvals are still pending. » More on de.investing.com