On the table where the game is played Unicredit-Commerzbank risk a new element is added. The German newspaper Reuters reported that theformer German Finance Minister, Christian Lindner, was hired by Teneo, the company that assists Andrea Orcel's institute in its takeover of the German bank, as it says Republic.
The move has raised eyebrows among the German government, already on the defensive about Orcel. Lindner was chosen because "his experience at the highest levels of government and his deep economic expertise are uniquely qualified to advise our clients," Paul Keary, head of the consultancy firm, said yesterday.
Lindner could be a strong player in the game of risk
But history is witness to the Linder's strong value on the risk table. When he was Finance Minister, Lindner did not oppose the sale to Unicredit of the first public shares that were put on the market. But that famous night in September 2024 when Berlin auctioned 4,5% of Commerz and Unicredit started the climb to the Germans caused instead the Chancellor Scholz's fierce reaction. Which froze the remaining share in the hands of the State, that is 12,5%. Lindner complied, even if in full liberal tradition, he had not been against the arrival of the Italians, reports Republic.
Two months later the so-called "traffic light government" had to step back precisely because of one clash between Lindner and Scholz on public accounts and debt brake. Then, with thearrival of Merz to the chancellery and the SPD reconfirmed in government, it was the Social Democratic vice-chancellor Klingbeil to inherit the chair of Minister of Finance occupied until then by Lindner and immediately the new minister reiterated his opposition to the Unicredit takeover.
Berlin looking for a conflict of interest
Lindner's Liberals, meanwhile, exited the Bundestag in January's elections after failing to pass the 5% threshold, and the former minister resigned from his party posts, taking up a job as private consultantBut in Berlin his new role as consultant to Unicredit is not going down well and he is evaluating the rules on conflict of interest. In Germany it is mandatory for those who have held public or government positions and intend to take on a private job within eighteen months, ask for the clearance to the government in office, which is advised by the so-called "Karenzzeitgremium”, a joint commission of parliamentarians and constitutional judges. The consulting firm itself announced that it had notified the commission of its request for approval. Lindner can only be hired after that. Even theexecutive led by Merz However, he will have a say because he has the power to prevent a former minister from taking up a position that is tainted by a conflict of interest.
The the NGO LobbyControl Teneo has openly criticized Lindner's choice. According to the association, the former minister is in a "clear" conflict of interest. And LobbyControl's head, Timo Lange, specifically referred to "several clients from the financial world" that Teneo represents in its dealings "with the government and parliament," such as Trade Republic and UniCredit. Christian Goerke, a finance expert for the Left Party, was very harsh. Yesterday, he urged the government to "reject Lindner's request for authorization to work for UniCredit's advisor, Teneo." Goerke recalled Lindner's original sin—"he sold shares in Commerz and turned it into prey"—and said he was convinced that "he will act so that UniCredit can take it."
