The battle between UniCredit and Commerzbank is entering a decisive phase. After almost two years of confrontation, the German wall appears to be showing its first cracks: according to Bloomberg, some senior figures in the Berlin government are ready to discuss the sale to UniCredit of the 12.7% stake still held by the German state, provided an agreement is reached on the strategy and future of the Frankfurt-based bank. It is not yet an official government decision, but the signal is significant.
If the deal goes through, UniCredit’s stake would rise from the current roughly 47.6% to over 60% of Commerzbank. For Andrea Orcel it would be a step change: no longer just the largest shareholder in a German bank it has tried to win over in the face of fierce resistance, but the clearly dominant shareholder in one of the country’s leading institutions.
