German Chancellor Olaf Scholz has come out against a UniCredit takeover of Commerzbank after the Italian lender said it was raising its stake from about 9 per cent to 21 per cent.
UniCredit disclosed on Monday that it had taken a position in a further 11.5 per cent of Commerzbank’s shares, two weeks after it revealed a 9 per cent stake in the bank, half of it acquired from the German government.
Scholz told Reuters on the sidelines of a visit to New York on Monday that “unfriendly attacks [and] hostile takeovers are not a good thing for banks and that is why the German government has clearly positioned itself”.
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