Overview
- Commerzbank supervisory‑board chair Jens Weidmann publicly said the federal government should for now stay a shareholder to protect Germany’s banking presence and jobs.
- The Bund currently holds about 12% of Commerzbank while Italy’s UniCredit has obtained access to almost 50% of shares after its May offer.
- Weidmann says many of the shares tendered to UniCredit came from banks linked to UniCredit, allowing it to reach de facto control without a clear control premium.
- He called for a review of German takeover law, arguing the deal exposed legal gaps that let a bidder secure effective majority control with a weak financial offer.
- UniCredit has set a target to cut €1.3 billion in costs within 12 months, a plan Weidmann warned would require large reductions in Germany and could mean branch closures and job losses.