UniCredit Renews Commerzbank Merger Push in Letter to Berlin

UniCredit CEO Andrea Orcel and German Finance Minister Lars Klingbeil exchanged letters over the future of Commerzbank AG, according to people familiar with the matter.

Orcel renewed his push for a deal that he says would create a European banking champion, in a June 18 letter addressed to top German officials including Klingbeil and Chancellor Friedrich Merz. Klingbeil responded by urging Orcel to direct any proposals to Commerzbank’s management and reiterated the government’s support for the bank’s independence, emphasizing it should not become the target of an unfriendly takeover, the people said.