Berlin has effectively admitted defeat over its bid to block Unicredit's hostile bid to take over German bank Commerzbank, after the Italian lender took its stake close to the 50% mark, and German Finance Minister Lars Klingbeil is meeting Unicredit CEO Andrea Orcel on Monday.
    "We continue to disapprove of a procedure that is aggressive and hostile, but now we're in another phase," said German Finance Ministry Spokesperson Maximilian Kall.
    "The point is finding the best solution for both banks.
    "The government will clearly present the interests of Germany and of the State...
    "Commerzbank is very important for financing the middle class, and this primary role must be guaranteed well into the future.
    "The second point is that the Frankfurt headquarters (of Commerzbank) must be maintained.
    "The third point, which is also the most important of all, regards the over 40,000 employees.

We want to protect their interests.
    "These are the three key points for us." UniCredit started to acquire the German bank's stock in 2024 and this year launched a takeover bid after taking its stake up to close to 30%, the threshold at which German law requires a full buyout offer before it can be crossed.
    Orcel had said he did not expect the offer to give it control of Commerzbank, but was part of an effort to end a long impasse and to get there in the long term.
    The UniCredit said in July that it owns 47.59% of Commerzbank after the takeover offer.
    The German government owns around 12% of the bank.

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