The German government has characterized the recent increase in stakes held by Italian banking group UniCredit in Commerzbank as an unfriendly action.
A spokesperson for the Federal Ministry of Finance, speaking to the “Rheinische Post”, affirmed the government’s consistent position: “The government rejects UniCredit’s renewed, uncoordinated and unfriendly approach”. The spokesperson emphasized that the government supports Commerzbank’s strategy of remaining an independent entity and has communicated this view clearly to UniCredit. As a result, the government stated it has no plans to divest its current holdings.
UniCredit, based in Milan, announced Tuesday evening that it had doubled its direct shareholding in Commerzbank, increasing its voting rights from just under ten percent to approximately twenty percent. This increase was achieved through the conversion of a substantial portion of its previously held financial instruments into shares, positioning UniCredit as the largest shareholder of Commerzbank, surpassing the German state. The German government, which rescued Commerzbank from potential collapse during the global financial crisis with billions in taxpayer funds, currently holds a stake of just over twelve percent.