UniCredit gets approval to increase stake in Commerzbank

Investing.com -- The German government has recognized the federal competition regulator’s decision to allow UniCredit to acquire a larger share in Commerzbank (ETR:CBKG), according to a spokesperson for the economy ministry. This announcement was made on Monday, while Berlin reiterated its support for the independence of the German bank.

Despite the approval, the government continues to oppose UniCredit’s unilateral and unfriendly approach, the spokesperson stated.

The spokesperson also commented on the nature of hostile takeovers in the banking sector during a regular government press conference. He stated that such takeovers are not suitable, particularly when it comes to banks that are systemically important. This comment was made in response to a question about the regulator’s decision to allow UniCredit to increase its stake in Commerzbank.

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