Germany's Finance Minister Christian Lindner is set to meet with Andrea Orcel, CEO of Italian financial giant UniCredit, regarding its planned acquisition of Commerzbank, according to several sources familiar with the matter who spoke to Reuters. The German government holds a stake of just over 12% in Commerzbank as a result of a bailout during the financial crisis and has previously opposed Orcel's acquisition plans. The meeting is scheduled for September 14, during which Lindner is expected to directly convey the German government's position. UniCredit raised its stake in Commerzbank to just under 50% in July, giving it significant influence over shareholder resolutions. The European Central Bank (ECB) has shown a positive stance toward approving the acquisition, and if approved, the largest regulatory hurdle would be removed.
Commerzbank AGGerman government opposes UniCredit's acquisition, potentially blocking the deal.
UniCredit SpAECB positive stance and meeting with German finance minister could advance acquisition.
