Commerzbank Rejects UniCredit Takeover Amid Stake Purchase

Commerzbank CEO Manfred Knof reaffirms independence plans despite UniCredit's 9% stake acquisition.

Germany's Commerzbank has declined a takeover proposal from Italy's UniCredit, which recently acquired a 9% stake in the German lender.
Commerzbank CEO Manfred Knof emphasized the bank's commitment to remaining independent and continuing with its own strategic plans.
UniCredit CEO Andrea Orcel suggested that a merger would create value and strengthen competition in the German banking sector.
The German government, still Commerzbank's largest shareholder, reduced its stake from 16.5% to 12% following UniCredit's purchase.
Unions and some German lawmakers have expressed concerns over a potential merger, citing risks to jobs and competition.