UniCredit's Bold Move: Securing Commerzbank Stake Sparks Controversy

Italian lender UniCredit has acquired a 9% stake in Commerzbank, causing a stir among German officials and local management. The acquisition has received a hostile reaction from Commerzbank's workforce and unions, who fear job losses. The German government remains neutral but acknowledges Commerzbank's opposition.

Italian banking giant UniCredit has made waves by purchasing a 9% stake in Germany's Commerzbank, a move that has caught German officials by surprise and received a hostile response from Commerzbank's local management. The acquisition, exclusively reported by Reuters, represents a significant shift in the German banking landscape.

The German government, while not opposed to the deal in principle, insists on considering Commerzbank's interests, particularly as the bank's workforce has expressed strong resistance to the takeover. A government source emphasized the importance of respecting Commerzbank's wishes amidst the brewing controversy.

UniCredit and Commerzbank have declined to comment on the situation, but UniCredit's CEO Andrea Orcel has signaled interest in further engagement and potential acquisition of additional shares if they become available. The move has also drawn criticism from trade unions, with Verdi labor union chairman Frank Werneke urging the German government to halt the sale of any more Commerzbank shares to prevent a complete takeover.

(With inputs from agencies.)