The German government has officially confirmed the federal competition regulator’s approval of UniCredit’s intent to increase its stake in Commerzbank. However, a spokesperson for the economy ministry also emphasised Berlin’s commitment to ensuring the independence of Commerzbank.
Despite the endorsement for the stake acquisition, the government firmly opposes UniCredit’s unilateral and aggressive tactics. The spokesperson expressed concern, stating that “Hostile takeovers in the banking sector are not appropriate, especially when it comes to systemically important banks,” reinforcing the stance that the integrity of essential financial institutions must be upheld.
Berlin has approved UniCredit’s larger stake in Commerzbank, but reiterates its support for the bank’s independence. The government disapproves of UniCredit’s aggressive approach, emphasising the importance of protecting systemically vital banks from hostile takeovers.
In summary, while Berlin has green-lighted UniCredit’s larger stake in Commerzbank, it firmly maintains its commitment to the latter’s autonomy. The government’s disapproval of hostile takeover tactics reflects an ongoing vigilance regarding the stability and independence of significant banking entities.
Original Source: www.tradingview.com
