Commerzbank Stock News

German Finance Minister Lars Klingbeil ​laid out demands to ‌UniCredit CEO Andrea Orcel in Berlin on Monday over the possible ​takeover of Commerzbank , the German ​ministry said in a statement.

Berlin will push for Commerzbank to retain ​its German identity with a domestic stock market listing and to protect jobs, two people ‌familiar with the matter said, as the bank prepares for a takeover by Italy's UniCredit.

Germany's tilt towards a deal with UniCredit's CEO Andrea Orcel to take over Commerzbank, after years of his manoeuvring, could prompt other European nations and banks to warm to further banking consolidation.

Commerzbank , the German lender facing a takeover approach by ​UniCredit , said on Thursday it would launch ‌a new share buyback programme of up to €1.2 billion ($1.39 billion) to boost the return for ​shareholders.

Commerzbank CEO Bettina Orlopp on Wednesday confirmed direct talks ​with suitor UniCredit and added it ‌would only make sense to serve out her full term until 2029 if she can align ​on strategy with the supervisory board.

For nearly two years, UniCredit CEO Andrea Orcel has pursued Commerzbank despite public opposition from Berlin. Now, as he prepares for what could be a pivotal encounter with Germany's finance ​minister, the balance of power in the takeover battle appears to have shifted in his favour.

Commerzbank's supervisory board chair, Jens Weidmann, has called for a review of Germany's takeover rules, saying UniCredit was able to ​secure control of the lender without offering shareholders an adequate ‌premium, a newspaper reported on Sunday.

German prosecutors have filed charges against four former employees of Commerzbank over alleged tax evasion for activity in ​2008, the latest crackdown on an industry-wide scheme that ‌cost taxpayers billions of euros.