The German government has acknowledged its limited power to prevent Italy's UniCredit from acquiring Commerzbank, despite its strong opposition to such a deal. According to a statement released by Germany's Ministry of Finance, the country cannot block a hostile takeover due to Commerzbank's public listing and diverse shareholder base.
However, the government, which holds a 12% stake in Commerzbank, can potentially obstruct a full acquisition. The German Finance Minister, Joerg Kukies, reaffirmed the government's resistance to UniCredit's initiative.
UniCredit's CEO, Andrea Orcel, indicated that it may take up to a year to decide on the bank's interest in Commerzbank. Orcel emphasized that any acquisition would aim to gain the confidence of all stakeholders, including the German government, suggesting that a merger between the two banks would be beneficial.
