Unicredit, Berlin: 'On Commerzbank take a step back'
At the beginning of the week, the bank led by Andrea Orcel converted part of its derivatives, becoming the first shareholder in Commerzbank with 20% of the capital and voting rights, surpassing the German state's share, which is currently 12%.
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1' min read
The German government demands a step back from Unicredit on the acquisition of Commerzbank. 'We expect UniCredit to abandon its takeover attempt. We remain committed to an independent Commerzbank,' Finance Minister and Vice Chancellor, Lars Kingbeil, told Dpa. The minister also added: 'Commerzbank is a systemically important bank in Germany. It has proven that it can also succeed independently'. Klingbeil then reiterated that the Unicredit procedure was 'not agreed and not amicable' and emphasised that the German government would not give up its stake in Commerzbank.
At the beginning of the week the bank led by Andrea Orcel converted part of its derivatives, becoming Commerzbank's largest shareholder with 20% of the capital and voting rights, surpassing the German state's share which is currently 12%. UniCredit stated that it intends to convert its remaining 9% stake into shares in 'due course'. Supervisory authorities, including the European Central Bank, have already authorised the move. Berlin has criticised the Milanese bank's move, saying it has no intention of giving up its 12% stake.
