Germany has set out three requirements that UniCredit would have to meet to take over Commerzbank, in the first in-person talks on the matter between Finance Minister Lars Klingbeil and UniCredit chief executive Andrea Orcel. The finance ministry said Commerzbank should stay listed on the stock market and retain its headquarters in Frankfurt, and must keep providing finance to German mid-sized businesses both domestically and overseas. The German state owns about 13% of Commerzbank, the country's second-largest listed bank. The talks mark the first time Berlin has publicly defined the terms it wants Orcel to satisfy, after UniCredit obtained just under 50% of Commerzbank shares during a formal offer this summer. A German finance ministry spokesperson said it is no longer about a hostile takeover but about finding the best path for the two banks. In June, federal authorities rejected UniCredit's proposal to exchange shares for a holding in Commerzbank, saying it did not provide an adequate premium over Commerzbank's market price at the time. In April, Orcel put forward a plan targeting Commerzbank net profit of €5.1bn by 2028, scaling back non-core international business and focusing on German SMEs, domestic households and operations in Poland. In May, Commerzbank said it would cut 3,000 jobs and set more demanding profit targets as it sought to bolster its case for remaining independent.
Commerzbank AGGermany sets takeover conditions that keep Commerzbank listed in Frankfurt and financing German SMEs, easing the path for UniCredit's deal
UniCredit SpABerlin publicly defines three conditions UniCredit must meet, moving its Commerzbank takeover from hostile to a negotiated path
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