MILAN/FRANKFURT, March 16 (Reuters) – UniCredit made a low-ball unsolicited bid for Commerzbank on Monday to pressure it into merger talks and unlock an 18-month stalemate over what would be one of ‌the biggest European cross-border banking deals since the 2008 financial crisis.

The Italian bank does not expect ‌its offer, worth around 35 billion euros ($40 billion), to convince many shareholders. But the move ratchets up the pressure and gives UniCredit, which ​already owns nearly 30% of Frankfurt-based Commerzbank, the freedom to acquire more shares on the open market in 2027.

With governments across Europe determined to have a say on banking consolidation while protecting jobs and the independence of their local industry, politicians are key actors in a saga that UniCredit started when it bought a stake in Commerzbank in ‌September 2024.

Here are some of the key ⁠players and where they stand:

THE BANK EXECUTIVES

* Andrea Orcel, UniCredit CEO and architect of the deal. Theformer investment banker has been frustrated at the slowprogress but Monday’s offer shows ⁠how determined he is to pushon, having failed to buy an Italian lender last year. * Bettina Orlopp, Commerzbank CEO, has long argued for thebank’s independence and said on Monday: “This move is notcoordinated with us.”

THE GOVERNMENT FIGURES

* Friedrich Merz, chancellor of ​Germany, ​which owns almost13% of Commerzbank, reiterated on Monday that Germany ​wants anindependent Commerzbank, opposition to a merger ‌that isconsistent with his predecessor’s stance. * Lars Klingbeil, German finance minister, oversees thegovernments stake and his party wants to protect jobs. He hascalled UniCredit’s advances “unfriendly”. * Giorgia Meloni, Italian prime minister, has neverexpressed support for UniCredit CEO Andrea Orcel’s foreignexpansion plans and only talked about the government’s view onthe domestic banking market. * Giancarlo Giorgetti, Italy’s finance minister, activelyfought UniCredit’s bid for smaller rival Banco BPM, contributingto its failure.

THE REGULATORS

* The European Central Bank, which favours Europeanintegration, ‌has authorised UniCredit to cross the 10% thresholdand get to ​29.9%. It needs to clear further thresholds, such as30% and 50%. * ​The EU Commission, as competition watchdog, would getinvolved ​in assessing the deal if UniCredit were to acquire acontrolling majority of Commerzbank

LABOUR REPRESENTATIVES

* ‌German labour union Verdi has already seen staff ​atCommerzbank slashed and is fiercely ​against a takeover.Commerzbank employs nearly 40,000 people. * Sascha Uebel, chairman of Commerzbank’s works council anda deputy of the bank’s supervisory board, told German newsagency DPA that UniCredit’s latest move was shameful andhostile.