UNICREDIT

After a meeting with UniCredit CEO Andrea Orcel, federal finance minister Lars Klingbeil demanded that Commerzbank remain a listed company headquartered in Frankfurt and continue its strong mid-market business in Germany and internationally. The federal government also wants two seats on the supervisory board and assurances that employees’ interests will be taken into account. UniCredit expects billion-euro savings and the elimination of thousands of jobs in the event of a takeover; Orcel announced further talks to find a solution acceptable to all stakeholders. » Więcej na tagesschau.de

Ahead of the meeting with Andrea Orcel, Finance Minister Lars Klingbeil should draw lessons from past failures: the sale of state-owned Commerzbank shares to Unicredit opened the door for the Italian bank’s takeover, and legal gaps allowed the acquisition to occur without a premium. Klingbeil must now examine how deposits and credit supply would be protected in a crisis, and use his remaining 12.7 percent state stake to secure permanently higher capital and liquidity requirements for Commerzbank. » Więcej na faz.net

The Federal Ministry of Finance is insisting on conditions in the ongoing takeover talks between UniCredit and Commerzbank to preserve Commerzbank’s importance for Frankfurt as a financial centre. Finance Minister Lars Klingbeil is holding talks with UniCredit chief Andrea Orcel; the government and the works council are being involved in the negotiations. Among other demands are that the legal seat and the executive board remain permanently in Frankfurt and that the legal form as a German stock corporation (Aktiengesellschaft) be retained. The federal government still holds around 12 percent of Commerzbank, and UniCredit is moving toward almost 50 percent of the shares. » Więcej na finanzen.net