German Finance Minister Lars Klingbeil plans to meet UniCredit CEO Andrea Orcel, according to sources, marking the clearest sign that Berlin will engage directly with the Italian bank regarding its attempt to take over Commerzbank.

Orcel has accepted an invitation to meet at the finance ministry in Berlin. The minister aims for the talks to take place on 14 September, where he will outline Berlin's position to Orcel. The discussions will also underline Commerzbank's importance to Frankfurt as a financial centre and its role in financing the German economy, sources said.

The German government holds just over 12% in the Frankfurt-based bank following its rescue during the financial crisis. It has resisted Orcel's two-year pursuit to take over Commerzbank, which would create a lender with more than €1.3 trillion ($1.5 trillion) in assets.

On Wednesday, UniCredit shares rose 2% to their highest level since October 2009. Commerzbank stock gained 2.8%, having tripled since UniCredit first purchased shares in September 2024.

Conflicting stances on the takeover

Berlin has cited the low offer price and Orcel's aggressive and hostile approach as reasons for its resistance. The German government also seeks to maintain Commerzbank's national headquarters in Frankfurt.

This position has conflicted with the European Central Bank (ECB), the region's banking watchdog. The ECB has long supported cross-border mergers to allow the sector to compete with larger U.S. rivals and to strengthen integration. An internal document seen by Reuters indicates the ECB is leaning towards approving the takeover, which would remove the primary regulatory hurdle.

Germany's resistance weakened after UniCredit reached a stake of just under 50% in July. This level of ownership is sufficient to influence shareholder resolutions, such as the naming of board members.

Negotiations and future operations

Executives from Italy's and Germany's second-largest banks held several rounds of talks earlier this year, though no agreement was reached. One source noted that the minister's discussions with Orcel would complement ongoing talks between the two banks, which remain responsible for "discussing the way forward directly".

While UniCredit can provide reassurances to Germany regarding the future of Commerzbank jobs, discussions regarding where to base the bank's German operations may take longer. UniCredit has stated it plans to keep its Italian base, and Italy's economy minister has said the country would not back a move to Germany.

Commerzbank has expressed a desire to retain its focus on financing Germany's medium-sized "Mittelstand" companies and to preserve its international network. Earlier this month, Commerzbank Chief Executive Bettina Orlopp stated that a tie-up with UniCredit could create value for both parties and expressed optimism that common ground could be found.

• UniCredit CEO Andrea Orcel has pushed for direct talks with both employee representatives and the German government.
• Commerzbank supervisory board chair Jens Weidmann said on Sunday that Berlin should maintain its stake in Commerzbank for the time being.

Commerzbank and representatives from the Italian economy ministry declined to comment on the planned discussions.