Lindner perceives Coba as the one tasked with vindicating himself.
Amidst rising worries, Finance Minister Lindner encourages Commerzbank to thwart a takeover by UniCredit. According to Lindner, it's Commerzbank's duty to defend itself against this potential acquisition. Critics from the Union blame the federal government for being passive. In response to queries about the government's role, Lindner stated, "This is a matter for Commerzbank's board and supervisory board." Despite this, UniCredit's actions and tactics have sparked doubts and unnerved numerous shareholders. "Therefore, the federal government will not sell any additional shares at this time," Lindner mentioned.
Recently, UniCredit has procured more shares in the Frankfurt DAX firm via financial instruments, giving it around 21% of Commerzbank's shares in terms of voting rights. UniCredit intends to boost its stake further, making an official takeover bid for Germany's second-largest private bank more probable - despite the government's resistance.
UniCredit capitalized on the federal government's partial withdrawal from Commerzbank unexpectedly, entering the DAX firm. "The prospect of Commerzbank being acquired by an Italian bank now requires our discussion," said Union faction leader Friedrich Merz. After all, Commerzbank finances approximately one-third of German SMEs and German foreign trade.
"However, the federal government has unequivocally stated that it prefers a diverse ownership structure for Commerzbank," said CSU group leader Alexander Dobrindt. However, the situation contradicts this statement, raising concerns that the federal government must now address. The traffic light government has accepted a weakening of the German banking sector. Dobrindt added, "It remains to be seen whether this is merely a grave mistake or incompetence, or something more serious in the handling of this topic."
Merz refers to the Hypo-Vereinsbank example
Even the labor wing of the CDU criticized UniCredit's methods harshly. "The federal government is called upon to inhibit this predatory capitalism," urged the deputy federal chairman Christian Bäumler. UniCredit's takeover plans could jeopardize tens of thousands of jobs and deteriorate SME investment conditions in Germany.
Merz cited the example of Hypo-Vereinsbank (HVB), which UniCredit acquired in 2005. "Those interested in observing what might occur should look at the fate of HVB, which was once a strong German bank and has since become a UniCredit branch in the form of a GmbH in Munich," Merz said. If the same happens to Commerzbank, Germany may lose a vital economic financing tool. Merz emphasized that this is a structural issue, not just about one bank.
The Union faction leader, Friedrich Merz, emphasized the need for a discussion regarding Commerzbank's potential acquisition by an Italian bank due to its significant impact on German SMEs and foreign trade. This requirement was made as UniCredit has increased its stake in Commerzbank, potentially making an official takeover bid more likely.
In response to the growing concerns, CSU group leader Alexander Dobrindt pointed out the federal government's preference for a diverse ownership structure for Commerzbank, highlighting the contradiction between this statement and the current situation.
