BERLIN (Reuters) -A German finance ministry said on Wednesday that the government remains opposed to a possible takeover bid by UniCredit for Commerzbank, after the Italian bank took a bigger stake in its German competitor.
“The federal government supports Commerzbank’s strategy of independence. The federal government has already made this very clear to UniCredit,” a ministry spokesperson said at a regular government news conference.
The German government, which has held shares in Commerzbank since the global financial crisis of 2008-09, will not sell its stake, added the spokesperson.
UniCredit said on Tuesday it increased its shareholding in Commerzbank to 20% by converted derivatives it held, giving the Italian lender a bigger stake in the German competitor as it seeks to win over opposition to a possible takeover of the rival.
The government rejects UniCredit’s “once again uncoordinated and unfriendly approach,” said the spokesperson.
Both Chancellor Friedrich Merz and Finance Minister Lars Klingbeil have previously voiced opposition to any tie-up of the two European banks.
The CEO of UniCredit last week renewed his push for a merger with Commerzbank, arguing his case in a letter to Merz.
(Reporting by Christian Kraemer, Writing by Miranda MurrayEditing by Ludwig Burger)
