German Official Slams UniCredit's Aggressive Takeover of Commerzbank

German finance ministry state secretary Florian Toncar criticized UniCredit's aggressive bid for Commerzbank, warning against hostile takeovers. He stressed the importance of stakeholder cooperation during a closed-door meeting with lawmakers. The German government is under scrutiny for its partial sale of Commerzbank shares, with some lawmakers deeming it mishandled.

German finance ministry state secretary Florian Toncar has criticized UniCredit's aggressive bid for Commerzbank, deeming it both 'aggressive' and 'unwise'.

The remarks come after a closed-door meeting with lawmakers, where Toncar highlighted the risks posed by a hostile takeover and called for greater stakeholder cooperation.

Commerzbank is fighting to remain independent amidst growing political and economic pressures, as the German government faces criticism for its partial sale of a 12% stake earlier this year.

(With inputs from agencies.)