The German government has criticized the recent increase in UniCredit’s stake in Commerzbank as an unfriendly action.
A spokesperson for the Federal Ministry of Finance, in remarks to the “Rheinische Post”, affirmed the government’s consistent position against what it characterized as an uncoordinated and unfriendly approach by UniCredit. “The government’s stance remains unchanged: it rejects UniCredit’s renewed, uncoordinated and unfriendly action” the spokesperson stated.
UniCredit, based in Milan, announced on Tuesday evening that it had doubled its direct shareholding in Commerzbank, significantly increasing its voting rights from just under ten percent to approximately twenty percent. This increase was achieved by converting a substantial portion of its existing financial instruments into shares, surpassing the German government as the largest shareholder in Commerzbank.
The German state, which provided substantial financial support to prevent Commerzbank’s collapse during the global financial crisis, currently holds a stake of just over twelve percent. The government has emphasized its support for Commerzbank’s independent strategy and has reportedly communicated this to UniCredit, reiterating its commitment not to divest its own shares.
