Germany Opposes UniCredit's Commerzbank Move Amid Investor Push for Talks

Germany has ramped up its opposition to UniCredit's acquisition of a stake in Commerzbank. The move, led by UniCredit's CEO Andrea Orcel, has sparked both political backlash and investor interest, highlighting the tensions surrounding a rare cross-border European banking merger. Despite stakeholders' resistance, dialogue continues.

Germany cranked up its opposition on Wednesday to UniCredit's raid on Commerzbank while a significant investor urged talks over the Italian bank CEO Andrea Orcel's move. This action comes a fortnight after UniCredit secured a major stake in Commerzbank and Orcel revealed plans for a unique cross-border European banking merger.

Berlin, holding a 12% stake in Commerzbank along with the bank's management and labor unions, strongly opposes the deal. A top German official deemed UniCredit's actions 'aggressive' and 'unwise', though European Central Bank policymakers favor the merger, calling Germany's stance contrary to European integration principles.

Orcel expressed that all options are on the table, including possibly walking away, but emphasized UniCredit's investment nature. He stressed the need for more talks despite initial resistance and noted that UniCredit had engaged multiple stakeholders before being invited to invest by the German government. Orcel remains keen on constructive dialogue with all parties involved.

(With inputs from agencies.)