Scholz does not agree to “hostile” takeover of Commerzbank
“Unfriendly attacks and hostile takeovers are not good for banks,” Scholz told German media in New York, implying that his government had a clear stance on the matter.
An AFP source at the German Finance Ministry said the chancellery supports “independent development strategy for Commerzbank”The Italian bank was informed earlier that Berlin would not support the takeover, the source added. The German state has about 12 percent of the shares in Commerzbank.
UniCredit’s Move to Acquire Commerzbank
On Monday, UniCredit said it had acquired financial tools to acquire almost 21 percent of Commerzbank’s capital, which has once again revived speculation about possible plans to completely take over the German giant, despite Berlin’s opposition, AFP reported.
The Scholz government does not want the Italian bank to become the majority shareholder of Commerzbank, because such a takeover – called “hostile” by the chancellor – would mean the state losing control over the institution.
Berlin’s reasons for opposition
As a politician from the Green Party, which is part of the ruling coalition in Germany, told Bloomberg, who wished to remain anonymous, Berlin wants to be sure that it will find funds for large investments needed, among other things, for the energy transformation. That is why it is important for such a large financial institution as Commerzbank to be at least partially dependent on the state.
In addition, UniCredit said on Monday it had sent a request to the European Central Bank (ECB) regarding whether it could raise its stake in Commerzbank to 29.9 percent.
Regulations regarding UniCredit’s shares in Commerzbank
UniCredit cannot own more than 9.9 percent of Commerzbank without prior consent from the market regulator, the ECB.
According to reports from Reuters, Barclays Bank is trying to help UniCredit in a hostile takeover of Commerzbank. (PAP)