Federal Chancellor Olaf Scholz (SPD) has sharply criticized the takeover of more and more shares in Commerzbank by the Italian Unicredit. The Federal Government considers it “not for appropriate action in Europe”to take stakes in companies “without any cooperation, without any consultation,” he said in New York on Monday. These are “unfriendly methods”.
“Unfriendly attacks” and “hostile takeovers” are “not what is good for banks,” the Chancellor continued. He pointed out that the Commerzbank economically successful and plays an important role in ensuring that the German economy and German medium-sized businesses receive the financing they need. Their independence is also important for this.
In the morning, the Italian bank Unicredit announced that it further shares in Commerzbank and now a Total shareholding in the bank’s capital of around 21 percent This would mean that the second-largest Italian bank would replace the German state, which currently holds 12 percent of Commerzbank, as the largest single shareholder.
Sources from the Federal Ministry of Finance in Berlin said in the afternoon that the federal government supports Commerzbank’s strategy of independence. “We do not support a takeover. We have informed Unicredit of this,” the statement continued. (AFP)
