Germany Is Said to Hire Rothschild to Advise on Commerzbank

Bloomberg2024-12-11

(Bloomberg) -- Germany has hired Rothschild & Co. to advise on its remaining Commerzbank AG stake, after a partial sale in September was widely criticized for allowing Italian rival UniCredit SpA to ...

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The French investment bank will also look at how to approach potential future divestments of the 12% stake Germany still owns, the people said, asking not to be named because the information is private.Germany’s September sale of a 4.5% holding in Commerzbank was pilloried by opposition politicians after UniCredit outbid rivals to take the entire stake, turning the Italian lender into a major investor overnight and raising the prospect of a takeover. The finance ministry defended the way the process was handled, while Chancellor Olaf Scholz criticized UniCredit’s approach.Christian Lindner, the finance minister at the time, has since been sacked in a bud","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"据称德国聘请罗斯柴尔德为德国商业银行提供建议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNCFF":0.9,"UNCRY":0.9},"content_text":"(Bloomberg) -- Germany has hired Rothschild & Co. to advise on its remaining Commerzbank AG stake, after a partial sale in September was widely criticized for allowing Italian rival UniCredit SpA to swoop in.\nRothschild will provide strategic advice on how to react to any further advances by UniCredit, according to people familiar with the matter. The French investment bank will also look at how to approach potential future divestments of the 12% stake Germany still owns, the people said, asking not to be named because the information is private. \nGermany’s September sale of a 4.5% holding in Commerzbank was pilloried by opposition politicians after UniCredit outbid rivals to take the entire stake, turning the Italian lender into a major investor overnight and raising the prospect of a takeover. The finance ministry defended the way the process was handled, while Chancellor Olaf Scholz criticized UniCredit’s approach. \nChristian Lindner, the finance minister at the time, has since been sacked in a budget dispute, triggering early elections next year. In the interim, former Goldman Sachs Group Inc. banker Joerg Kukies has taken over the role. \n“We have a very critical position” with regard to UniCredit’s approach of Commerzbank, Kukies recently reiterated the government’s opposition to a deal. \nThe conservative candidate for Chancellor in the general elections in February, Friedrich Merz, has also voiced concern about a potential Commerzbank deal in the past.\nRepresentatives for the German finance ministry, Rothschild and Commerzbank declined to comment.\nWhile Berlin suspended further share sales, UniCredit has continued to build up its position in Commerzbank, boosting its holdings to around 21% including derivatives. Still, UniCredit Chief Executive Officer Andrea Orcel said last month that the probability of a takeover was now lower than previously expected. \n--With assistance from Kamil Kowalcze.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490086135"}