German government eases stance on UniCredit's bid for Commerzbank

Italian banking group UniCredit has acquired roughly 47‑48% of Commerzbank shares, positioning itself near a controlling stake. The German government, which holds about 12% of Commerzbank, previously opposed the takeover but now says it will not block the deal. Chancellor Friedrich Merz emphasized that the government is not against the acquisition in principle, only concerned about how it is pursued.

Berlin is preparing a set of conditions for any possible integration, focusing on three pillars: safeguarding credit to Germany’s SMEs (the Mittelstand), preserving Frankfurt as the bank’s operational hub, and maintaining a separate stock‑market listing for Commerzbank. Officials have indicated willingness to enter formal dialogue with UniCredit CEO Andrea Orcel to negotiate these terms. The proposal, launched in early July, has attracted broad investor support, and the next steps involve regulatory approvals and final negotiations on the outlined conditions.