MILAN/FRANKFURT, March 16 (Reuters) - UniCredit made a low-ball unsolicited bid for Commerzbank on Monday to pressure it into merger talks and unlock an 18-month stalemate over what would be one of
Key Players and Political Effects in UniCredit’s Pursuit of Commerzbank Merger
Main Actors and Their Positions in the UniCredit-Commerzbank Saga
MILAN/FRANKFURT, March 16 (Reuters) - UniCredit made a low-ball unsolicited bid for Commerzbank on Monday to pressure it into merger talks and unlock an 18-month stalemate over what would be one of the biggest European cross-border banking deals since the 2008 financial crisis.
The Italian bank does not expect its offer, worth around 35 billion euros ($40 billion), to convince many shareholders. But the move ratchets up the pressure and gives UniCredit, which already owns nearly 30% of Frankfurt-based Commerzbank, the freedom to acquire more shares on the open market in 2027.
With governments across Europe determined to have a say on banking consolidation while protecting jobs and the independence of their local industry, politicians are key actors in a saga that UniCredit started when it bought a stake in Commerzbank in September 2024.
Here are some of the key players and where they stand:
The Bank Executives
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Andrea Orcel, UniCredit CEO
Role and Motivation
Architect of the deal. The former investment banker has been frustrated at the slow progress but Monday's offer shows how determined he is to push on, having failed to buy an Italian lender last year.
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Bettina Orlopp, Commerzbank CEO
Stance on the Merger
Has long argued for the bank's independence and said on Monday: "This move is not coordinated with us."
The Government Figures
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Friedrich Merz, Chancellor of Germany
Government Ownership and Policy
Germany owns almost 13% of Commerzbank. Merz reiterated on Monday that Germany wants an independent Commerzbank, opposition to a merger that is consistent with his predecessor's stance.
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Lars Klingbeil, German Finance Minister
Labour and Stakeholder Concerns
Oversees the government's stake and his party wants to protect jobs. He has called UniCredit's advances "unfriendly".
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Giorgia Meloni, Italian Prime Minister
Position on Foreign Expansion
Has never expressed support for UniCredit CEO Andrea Orcel's foreign expansion plans and only talked about the government's view on the domestic banking market.
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Giancarlo Giorgetti, Italy's Finance Minister
Past Interventions
Actively fought UniCredit's bid for smaller rival Banco BPM, contributing to its failure.
The Regulators
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The European Central Bank
Regulatory Thresholds
Favours European integration, has authorised UniCredit to cross the 10% threshold and get to 29.9%. It needs to clear further thresholds, such as 30% and 50%.
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The EU Commission
Competition Oversight
As competition watchdog, would get involved in assessing the deal if UniCredit were to acquire a controlling majority of Commerzbank.
Labour Representatives
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German Labour Union Verdi
Opposition to Takeover
Has already seen staff at Commerzbank slashed and is fiercely against a takeover. Commerzbank employs nearly 40,000 people.
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Sascha Uebel, Chairman of Commerzbank’s Works Council
Reaction to UniCredit's Move
Also a deputy of the bank's supervisory board, told German news agency DPA that UniCredit's latest move was shameful and hostile.
Customers
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Corporate Clients
Appeal to Commerzbank
A group of customers from Germany's corporate elite pleaded with Commerzbank's CEO to reject a deal, Reuters has previously reported.
Investors
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Union Investment
Shareholder Response
Many shareholders have remained quiet but one, Union Investment, has called for a constructive dialogue between the banks.
($1 = 0.8700 euros)
(Reporting by Valentina Za, Tom Sims and Tommy Reggiori Wilkes; Editing by Alexander Smith)
