Opposition within the German government to a potential takeover of Commerzbank by UniCredit is solidifying, amid anger at the way the Italian bank acquired its 9 per cent stake and concern over potential macroeconomic risks a merger might pose to the German economy.
Some senior figures in government were “very sceptical” about such a takeover, according to a person briefed on internal discussions, partly because of what Berlin viewed as the “stealthy way” UniCredit accumulated the stake.
Another person with direct knowledge of the matter said UniCredit’s “assault” on Commerzbank was perceived in Berlin as an “unfriendly act.” The person added it was “nonsensical” for UniCredit’s chief executive Andrea Orcel to argue the German government welcomed his bid.