UniCredit, Berlin lunge: 'We will not sell the stake in Commerzbank'
The government's reaction after the Italian bank rose to 20% of the German institute's capital, saying: 'Move not agreed'. In italy, wait for the TAR on Golden power. Brussels: "No letter sent".
2' min read
Key points
2' min read
More clash between UniCredit and Germany. "We take note of UniCredit's step. The government's position does not change, and the government rejects UniCredit's unfriendly and unreconciled approach'. A Finance Ministry spokeswoman in Berlin said this, answering a question at a press conference. "The state supports Commerzbank's independence strategy, and has also made this clear to Unicredit," she added. "The state will not sell its stake," she concluded.
The stance comes after the Italian bank converted part of its derivatives last night, thus becoming the first shareholder of Commerzbank with 20 per cent of the capital and voting rights, surpassing the German state participation currently at 12 per cent. 'Once again this step was not coordinated with Commerzbank,' the German banking group explained.
The Italian match
.Meanwhile, there is a wait for the Lazio Regional Administrative Court's (TAR) ruling on the appeal filed by UniCredit against the government's Golden Power on the offer launched on BancoBpm. "The decision is ripe today," said the president of the court's first section, Roberto Politi, at the start of the hearing, who then specified that the publication of the operative part or the ruling will take place "by 16 July".
UniCredit's lawyers had asked in the hearing for the publication of the ruling. The president had already replied that it would take place within seven days, within the legal deadline. It is therefore not excluded that it will take place even before 16 July. The ruling, unlike the operative part, also contains the motivations.
The European Match
.Yesterday it emerged that the European Commission will shortly be sending a letter to the Italian government asking it to explain the reasons that would justify the application of Golden power to UniCredit's attempted acquisition of BancoBpm. In this regard, a Commission spokesperson clarified that 'we have not taken any decision. We have not even concluded any preliminary assessment and no letter has been sent'.
