The German government will not stand in the way of UniCredit's attempt to acquire Commerzbank, Chancellor Friedrich Merz said at a press conference in Berlin on July 15, though he condemned the Italian lender's tactics as inappropriate and aggressive.
Merz's remarks came after UniCredit built a 47.65% stake in Commerzbank as of July 8, having steadily increased its position since September 2024. The German state, which holds more than 12% of Commerzbank, did not tender its shares in UniCredit's public offer.
Berlin is now preparing to open discussions with UniCredit, though no formal talks have yet been scheduled. The government is drafting core demands, including assurances that Commerzbank retains a separate stock-market listing, continues supporting German small and medium-sized enterprises, and keeps Frankfurt as a key operational hub following any potential deal.