Germany Opposes UniCredit's Bid for Commerzbank Amid Hostile Takeover Concerns

Chancellor Olaf Scholz criticizes UniCredit's move to increase its stake in Commerzbank, calling it an 'unfriendly attack' as job loss fears and political tensions rise.

UniCredit has increased its stake in Commerzbank to around 21% and seeks approval to boost it to 29.9%, triggering takeover concerns.
German Chancellor Olaf Scholz and other political leaders have condemned the move, citing potential job losses and economic disruption.
The European Central Bank must decide on UniCredit's request within 60 to 90 days, adding regulatory pressure to the situation.
Commerzbank's shares fell sharply following the announcement, while UniCredit defends the potential value of the merger for stakeholders.
Labor unions and Commerzbank board members strongly oppose the takeover, warning of significant job cuts and reduced lending to small businesses.