High-ranking officials of the German Government are studying the possibility of divesting the 12.7% public stake in Commerzbank and transferring it to the Italian bank UniCredit if both entities reach a strategic agreement, after the transalpine entity has come to control almost 50% of Commerzbank's capital.
Although these considerations do not yet represent Berlin's official position, various members of the Executive indicate that there is a willingness to open discussions about a possible sale, according to "Bloomberg" citing knowledgeable sources, in light of the scenario that UniCredit ends up taking control of Commerzbank in any case.
With this move, the German Government aims to pave the way for both entities to close a beneficial deal in financial and corporate strategy terms, so that Commerzbank maintains a relevant role in the evolution of the second largest commercial bank in Germany.
Berlin's attitude has changed in recent months: it has shifted from outright opposition to the operation to being open to an orderly transition, after acknowledging that UniCredit could end up controlling the bank.
UniCredit closed the acceptance period for its voluntary acquisition offer for Commerzbank with the adhesion of shares representing 17.60% of the share capital of the German bank, which raises its weight in the German entity to 47.59%. However, UniCredit has explained that this percentage translates to 49.65% of the voting rights of Commerzbank, as the own shares of the German entity do not have voting rights.
The Italian bank began the adhesion period for its takeover bid for Commerzbank on May 5, with which it aimed to surpass the 30% threshold and proposed the exchange of 0.485 shares of UniCredit for each one of the German bank.
Andrea Orcel, CEO of UniCredit, expressed a few weeks ago his confidence that the transalpine bank could take control of Commerzbank starting from the fourth quarter and left the door open to making concessions in the upcoming discussions with the Government and the works council of the German bank.