Commerzbank, Berlin towards UniCredit: «Uncoordinated and unfriendly motion» | EUROtoday

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The transfer by Italian financial institution UniCredit to extend its stake in German financial institution Commerzbank, which additional fueled hypothesis a few takeover bid, was “uncoordinated and hostile”, the German authorities underlines, based on AFP. “UniCredit has once again taken uncoordinated and unfriendly action,” says deputy authorities spokesman Wolfgang Buechner, including that “unfriendly attacks and hostile takeovers are inappropriate in the banking sector.”

A “solution” for Commerz

Berlin, the spokesperson added, is engaged on an answer for Commerzbank and regrets that UniCredit’s new initiative was taken earlier than the German legislative elections to be held in February. “The federal government views UniCredit’s plans critically also because the integration of two large, systemically important banks always entails considerable risks, for example for employees,” he concluded.

The Italian transfer

As introduced in a press launch this morning, UniCredit has «subscribed for brand spanking new monetary devices» bringing its general potential place «to roughly 28%, of which 9.5% by way of direct participation and roughly 18.5% by way of by-product devices» . The transfer, we learn in a notice, is “in line with the previously declared objective of reaching a share of up to 29.9%”.