Is the "No" turning into a "No"? The German Finance Minister Lars Klingbeil gave an interview to the economic daily yesterday, Monday 23 February Faz, reiterating the Merz government's opposition to the common debt. During the interview, the minister also spoke about the Unicredit's takeover of CommerzbankA topic that has been a hot topic in Milan and Berlin for over a year and a half. Currently, Piazza Gae Aulenti holds 26% of the German bank and could increase its stake to 29,9%, having already received approval from the ECB. Well, unlike what happened in recent months, Klingbeil seems a little less harsh towards the bank led by Andrea Orcel. Not that we can speak of "openness", but perhaps, of a small crack in the wall erected first by the Scholz executive and then by the Merz executive to an operation that would create a European banking giant.
Unicredit-Commerz: Words from the German Finance Minister
"Commerzbank had a strong year," the minister explained. "The federal government's strategy remains unchanged: We support the independence of Commerzbank and we give it our support,” he said. “We are in favor of the banking union,” he added. “But in this specific case there has been repeated talk of a hostile takeover. We reject it. This is why we clearly reiterate Commerzbank's independence strategy."
And if it goes from a hostile takeoverfriendly offerWhat would be the Berlin government's position? "What we've seen from Unicredit regarding Commerzbank he was unfriendly. It's about the methods and the approach. The previous federal government also rejected this operation, and I currently share that position. I am in close contact with the Chancellor on this issue." According to some observers, he emphasizes Milano Finanza, these words could represent a first, timid glimmer of hope.
Last December, the CEO of Commerz Bettina Orlopp had declared: “If Unicredit wants, come forward with an offer, the ball is in their courtIf the bank were to ever make an offer, investors would expect us to examine it openly. And of course we would. But anyone who wants to walk through the door has to take the first step, which they haven't done so far."
UniCredit calls the shareholders' meeting for March 31st.
Meanwhile, news arrives from Piazza Gae Aulenti. The Unicredit board of directors has called the shareholders' meeting for March 31st. Shareholders' Meeting in Milan. The ordinary meeting's agenda includes, among other things, the approval of the 2025 financial statements and the allocation of the net profit. The distribution of a dividend from the 2025 net profit will be proposed. A vote will also be held on the authorization to purchase treasury shares for shareholder compensation and on the elimination of negative reserves for components not subject to change by definitively covering them. Also under consideration will be the report on the 2026 Group Remuneration Policy, the compensation paid, and the Group incentive system for the current year. During the extraordinary meeting, the meeting will decide on the delegation to the Board of Directors for capital increases to service the incentive plans.
