Italian bank UniCredit said Monday that it has launched a bid to take its stake in German lender Commerzbank above the 30% threshold which, under German law, makes a full buyout offer mandatory, sparking an angry reaction from Berlin.
    UniCredit, Italy's second biggest bank after Intesa Sanpaolo, said it did not expect to gain full control of Commerzbank and CEO Andrea Orcel said the aim of the move was to open up "constructive dialogue".
    The German government and Commerzbank have expressed staunch opposition to a takeover by UniCredit, which started to acquire the German bank's stock in 2024 and took its stake up to 26% last year.
    "This is the next step in shamelessness," Sascha Ubel, the head of the Commerzbank Works Council, told DPA referring to Monday's move by UniCredit.
    "It's not just an non-consensual step, it's a hostile one.
    "We'll defend ourselves with all our strength and our resources".
    A German finance ministry spokesperson said "a hostile takeover would not be acceptable.
    "This is an announcement, which we take note of, it is not yet a proposal," added the spokesperson.
    A European Commission spokesperson said "consolidation in the banking sector through domestic and cross-border mergers would help improve the efficiency and profitability of banks" while stressing that this was not a comment on "individual cases".
   
   

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