Berlin Backs Commerzbank's Independence Amid UniCredit Bid

Berlin has reaffirmed its support for Commerzbank's independence following the European Central Bank's approval for UniCredit to purchase up to 29.9% of the German bank. The finance ministry spokesperson emphasized Germany's rejection of unwelcome takeover attempts, highlighting the systemic importance of Commerzbank.

Berlin continues to support Commerzbank's efforts to maintain its independence. This statement comes after the European Central Bank approved UniCredit's bid to acquire a significant stake in the German lender.

The German government's stance is clear: it supports Commerzbank's strategy and financial targets, while rejecting what it considers to be an unfriendly approach by UniCredit.

A finance ministry spokesperson highlighted that hostile takeovers are deemed inappropriate, particularly concerning a systemically important bank like Commerzbank.

(With inputs from agencies.)