German Finance Minister Lars Klingbeil meets UniCredit CEO Andrea Orcel to set Commerzbank terms

Berlin talks open direct dialogue on takeover

German Finance Minister Lars Klingbeil met UniCredit chief executive Andrea Orcel in Berlin on 14 September 2026 to discuss the Italian bank's proposed acquisition of Commerzbank. The meeting represents the first direct exchange between the German federal government and UniCredit leadership following two years of resistance from Berlin. German authorities had previously opposed the approach after the Milan-based bank acquired an initial stake in Commerzbank in September 2024. Finance Ministry spokesperson Maximilian Kall explained that while Berlin still disapproves of the method used by UniCredit, the process has entered a new negotiation phase focused on finding a workable solution for both banking institutions.

We continue to disapprove of a procedure that is aggressive and hostile, but now we're in another phase.

German government outlines strict terms for deal

During the meeting at the finance ministry, Klingbeil presented a comprehensive list of requirements for any potential combination. Berlin expects Commerzbank to remain an independent joint-stock company listed on the Frankfurt stock exchange, retaining its corporate headquarters in Frankfurt. The finance minister insisted that the lender must continue its established role financing small and medium-sized enterprises across Germany and through its international network. Furthermore, the German state expects to retain two representatives on Commerzbank's supervisory board, seats established during the government bailout in the 2008 global financial crisis. Klingbeil emphasized that the interests of Commerzbank's more than 40,000 employees must be safeguarded during this period of uncertainty.

In a constructive discussion with Mr. Orcel, I made it clear that the further negotiations must be conducted responsibly.

Broad political and corporate consultations in Berlin

Before meeting with Orcel, Klingbeil coordinated Berlin's strategy with several federal, state, and corporate officials. The minister consulted German Chancellor Friedrich Merz, Hesse Minister-President Boris Rhein, Frankfurt Mayor Mike Josef, Commerzbank chief executive Bettina Orlopp, and works council chairman Sascha Uebel. Commerzbank CEO Bettina Orlopp had stated in early September 2026 that the newly established talks between the two banks should not be allowed to collapse. Klingbeil noted that if a merger proceeds, the resulting corporate structure must reflect the importance of the German market, which would represent the largest operational territory within the UniCredit group. The SPD, which Klingbeil chairs, maintains close ties to employee trade unions that oppose the takeover bid.

It's for both sides to now reflect on this initial discussion so that a way forward can be found in the best interest of all stakeholders and shareholders.

Takeover process moves to direct bank negotiations

The discussions concluded without binding commitments from Orcel, as formal merger agreements remain the legal responsibility of Commerzbank's corporate executive bodies rather than the finance ministry. UniCredit initiated its takeover process after crossing the 30% voting rights threshold, which triggers a mandatory buyout offer under German corporate law. Orcel had previously noted that the tender offer was intended to break a prolonged deadlock rather than deliver immediate total control. UniCredit reported holding a 47.59% stake in July 2026, with current holdings reaching approximately 50%. The German federal government holds a minority position, recorded as 12% in earlier disclosures and 13.3% following recent capital adjustments.