The merger between Unicredit and Commerzbank is no longer just a financial transaction: it has become a battlefield between European powers. Brussels sent a strong message, arguing that These maneuvers between banks are legitimate.
Unicredit’s acquisition of 11.5% of Commerzbank’s shares has sparked tensions in Berlin. Olaf Scholz has branded the deal “unfriendly” and pointed the finger at the lack of dialogue between the countries involved.
On the other hand, the EU Commission has made it clear that any restriction these operations will have to be justified from concrete reasonssuch as national security. The German government, therefore, cannot block everything without providing valid explanations.
The European Union’s position on the issue
There European Commission has expressed a favorable position on banking consolidation in Europe. According to spokeswoman Veerle Nuyts, mergers or acquisitions between European banks can help make the banks more robust in the face of economic shocksthanks to asset diversification. Furthermore, a more integrated European banking system would foster more efficient business models, facilitating growth and investments in digitalization.
With the debate raging on both sides, the possibility of an extraordinary measure by Berlin to avoid unwanted takeovers is gaining ground. Although no official confirmation has yet emerged, Andrea Orcel, CEO of Unicredit, remains determined.
According to internal sources, the ECB could give its verdict by the end of October, allowing Unicredit to push beyond 20% of Commerzbank shares. If this were to happen, the Italian banking giant would rapidly increase its influence, aiming straight for the 29%.
Unicredit’s moves
On September 24, Unicredit said it had acquired financial instruments for the purchase of 11.5% of Commerzbank, consolidating its position at the center of the European banking scene. This move could lead to its holding of up to 29.9% of the shares, making it the largest shareholder of the German bank.
With a previous acquisition of 9%, UniCredit would be able to control almost 21% of Commerzbank, a deal worth around 3.9 billion euros.
German Politics on a War Footing: Scholz Raises His Voice
It’s not just about numbers. In Berlin, Unicredit’s operation has deeply shaken the political leaders. The German governmentwhich until recently controlled 16% of Commerzbanknow finds itself having to explain to its voters how a strategic asset is passing into foreign hands.
Scholz’s government partner, the Greens, also leveled heavy criticism, saying a rival giant should not have been allowed to take control of a bank so crucial to the German economy.
Perceived as a real attackthe acquisition prompted the government to launch an internal investigation, blocking further share sales. On the Italian front, however, everything seems to be proceeding calmly. Antonio Tajani, the foreign minister, has declared that the issue concerns the private sector and that the state will not intervene.
Olaf Scholz, on the other hand, did not hide his irritation. In a scathing statement, he called Unicredit’s move a “hostile act,” provoking political and market reactions. “Acquiring shares without consultation is unacceptable for Germany and Europe,” he said, questioning the legitimacy of the operation and the principles of the single market.
Scholz probably reacted so harshly both because of Germany’s economic difficulties, but also because we are talking about a bank that was already saved in 2008.
