00:00e was pretty predictable.
00:02This is not to acquire a significant amount of shares but to rid themselves in the long term
00:09of the shekels of German takeover law.
00:12So once this current offer completes which Union Credit targets for beginning of 2027,
00:22they have full flexibility as to increase their stake.
00:27They have full flexibility in terms of having obtained all regulatory approvals.
00:34So this is not a takeover offer in the classic sense.
00:38It is a tactical move, which is very smart.
00:42In which case, what do you think needs to happen to assuage the concerns around this politically?
00:52Well, again, I think all what this offer does is put Unicredit in a technically better position for the next
01:02steps.
01:03There is nothing that either the company or the government at the moment can really prevent from happening.
01:11And the real question about how the combination of the two will look like is something that will ultimately play
01:18out in 2027 or later.
01:23And therefore, even from a political point of view, I think it obviously reignites the discussion around is this desire
01:31that this combination happens or not.
01:33But the fact is that for the next, call it nine months, nothing really will materialize.
01:42And I think once everybody realizes that Commerzbank has a 30% shareholder and Unicredit is its largest shareholders with
01:56all the implications that this comes with,
02:01people more and more will probably face reality that that combination will happen.
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