EXCLUSIVE-German finance minister invites UniCredit's CEO to meeting, government sources say

RASTGerman Finance Minister ​Lars Klingbeil plans to meet UniCredit ​CEO Andrea Orcel, government sources ‌told Reuters, ​in a first sign that Berlin is willing to engage directly with the Italian bank over its Commerzbank ‌bid.

Klingbeil has invited Orcel to a meeting at the finance ministry in Berlin on Sept. 14, the sources said on Wednesday. The minister will outline the German ‌government's position in talks with Orcel and emphasize Commerzbank's role in financing the German ‌economy, and its importance to Frankfurt as a financial centre, according to the sources.

"This complements the talks between the two banks, which remain responsible for discussing the way forward directly," one source ⁠added. Berlin ​had previously insisted ⁠that UniCredit and Commerzbank hold direct talks before it engaged with the Italian lender.

Commerzbank's campaign against a ⁠UniCredit takeover faded in July after the Italian lender accumulated a stake of up ​to 49.65%, which is sufficient to determine shareholder resolutions. The German government, which still ⁠holds just over 12% in the Frankfurt-based lender following its rescue during the global financial crisis, had ⁠long ​resisted a takeover, as had Commerzbank management.

Commerzbank's supervisory board chair, Jens Weidmann, said on Sunday Berlin should retain its Commerzbank stake for now, despite the holding having ⁠originated in a rescue package during the global financial crisis. Orcel's approach had been ⁠described by the ⁠German government as hostile and aggressive. The UniCredit CEO, for his part, had pushed for talks with the German government and ‌employee representatives.