Berlin expects UniCredit commitments on Commerzbank, sources say
German sources say Berlin wants clear commitments on jobs, Germany as a business location and Commerzbank's role.
BERLIN, Sept 29 (Reuters) — Berlin expects UniCredit to make clear commitments on jobs and Germany as a business location, government sources said on Tuesday, as the Italian lender moves closer to taking control of Commerzbank. 3% of Commerzbank, is seeking to protect the lender's role as a key financier of the country's small and medium-sized businesses as UniCredit pursues its bid for the bank. UniCredit has already secured nearly half of Commerzbank's share capital, a threshold that would give it effective control of shareholder resolutions once it secures supervisory clearance to own the shares.
German Finance Minister Lars Klingbeil and UniCredit CEO Andrea Orcel met in September to discuss the takeover plans, with both calling the meeting constructive. Klingbeil's demands included keeping Commerzbank listed, maintaining its headquarters in Frankfurt and preserving its role in financing German mid-sized companies at home and abroad. Commerzbank should also retain the capital base needed to support that role, while key decisions should continue to be made in Germany, the sources said. "We now expect UniCredit's CEO to make these commitments promptly," one of the sources said.
" That would provide a good basis for resolving the remaining issues through cooperation among all relevant parties and in line with Commerzbank's governance arrangements, the sources added. "We welcome the dialogue that is taking place with the government and continue to be optimistic about the outcome," a spokesperson for UniCredit said. " Earlier on Tuesday, the Financial Times, citing people familiar with the matter, reported that Orcel could overhaul Commerzbank's supervisory board as early as January to gain greater influence over the German bank's strategy. com;)