Key Facts
• May 26: Chancellor Merz sent a letter opposing UniCredit’s stake increase in Commerzbank.
• June 10: Letter was published on LinkedIn.
• UniCredit raised its stake to 28% in 2024 via derivatives.
• March 2025: European Central Bank approved raising the stake to 29.9%.
• German law mandates a public takeover offer if ownership exceeds 30%.
• Merz emphasized Commerzbank’s systemic importance to Germany’s financial system.
• Merz warned of “serious impacts” on SME and export financing.
• Finance Minister Klingbeil supported Merz’s stance, calling it a vital political signal.
Summary
German Chancellor Friedrich Merz has opposed Italian banking giant UniCredit’s plan to increase its stake in Commerzbank, citing risks to Germany’s financial system. In a letter dated May 26 and published on June 10, Merz stressed that Commerzbank’s systemic importance makes such moves unacceptable. UniCredit, which raised its stake to 28% in 2024, received European Central Bank approval in March 2025 to increase it to 29.9%. German regulations require a public takeover offer if ownership surpasses 30%. Merz has consistently warned that UniCredit’s actions could harm small and medium-sized enterprises (SMEs) and export-related businesses. Finance Minister Lars Klingbeil praised Merz’s intervention, highlighting its political significance and promising swift updates on further developments.
