Should never be air in a hurry when you want to sell. The German government, therefore, is to clarify his position : he is not ready to sell its stake of 15.6% in Commerzbank to no matter what the conditions.
“We are certainly not ready to sell, the loss would be too high,” said a senior official in the German daily Die Welt.
Interviewed by Reuters, a spokesman for the German Finance ministry reiterated on Thursday :
“Our position in Commerzbank has not changed. We are not in a hurry. We want to get a good result for the taxpayer.”
Far from its cost price
The cost of the German government, which had bailed out the bank of the Mittelstand (the fabric of German SMES) in 2008-2009, is 18 euros, while Commerzbank rating currently 11.70 euro, valuing the participation of the German government to a little over 2.2 billion euros. A difference of more than 50%. Berlin sends a signal to potential buyers : it will be necessary to make a serious effort to hope to convince the main shareholder of the bank.
Since the month of September, rumours have been circulating about a possible marriage, or redemption of Commerzbank, which is not in his best form. The Italian bank Unicredit was first cited, and then BNP Paribas. The director general of Credit Agricole, Philippe Brassac, has himself expressed his interest in the German bank in the Handelsblatt.
