Whenever there was talk of new state holdings in large corporations in the Corona crisis, Commerzbank was always cited as a deterrent example. In the financial crisis of 2009, the federal government had to partially nationalize the money house; since then he has been trapped in participation. While in the case of Lufthansa the state is already selling shares that it had taken over during the Corona period, Berlin still holds 15.6 percent of Commerzbank.
Most recently, politicians at the bank had been unusually involved and even pushed for an exchange of management, but now they seem to be keeping a distance: The financial investor Cerberus, who already holds five percent in the bank, is interested, according to a report by Handelsblatt for the purchase of the state stake in Commerzbank. The US investor could imagine taking over the participation of the federal government after the federal election. Cerberus Germany boss David Knower had already signaled in Berlin that he would consider acquiring the state stake.
Whether this happens will also depend on how the corona situation and the economy develop in the next few months and what price the federal government is calling. Who will be in government in the future should also play an important role. The CDU as well as the FDP and the Greens in particular are open to selling the share, even if the taxpayers would of course make a loss. If the state wanted to end its involvement without losses, a rate of 26 euros would be necessary. The papers are currently trading at EUR 5.62. It is also questionable whether Cerberus has serious purchase intentions.
The financial investor, who, together with the federal government, pushed for a strategy change at the bank in 2020, has now largely lost interest – a takeover is therefore rather unlikely, according to financial circles. Cerberus had invested five percent in Commerzbank four years ago, when the price was still around 14 euros.
It is noticeable, however, that the federal government is no longer clearly behind Commerzbank as usual. A year ago it was said that they were behind the commitment at Commerzbank, which is central to SME financing. The Ministry of Finance has now announced that an inter-ministerial steering committee will decide on how to deal with the financial market stabilization fund’s participation in Commerzbank in due course. In any case, the news was well received on the stock exchange, after all, state holdings are generally considered to be disadvantageous there: Commerzbank shares temporarily rose by a good four percent.