UniCredit's Bid for Shares in Commerzbank Rejected By German Government
By Aimee Look
UniCredit's bid for shares in Commerzbank was rejected by the German government, citing what it said was an aggressive approach from the Italian lender.
The government said its steering committee supports the strategy of independence of Commerzbank, and rejected UniCredit's offer to further exchange shares in the German bank.
The German government owns nearly a 13% stake in the bank.
On Tuesday, the government said that Commerzbank plays an important role in financing the German economy and its mid-market sector. It also noted Commerzbank's importance as an employer with a presence in Frankfurt.
"The steering committee supports the strategy of independence of Commerzbank AG and rejects the aggressive approach of UniCredit," the government said.
Further, the government said the offer wasn't financially viable as it didn't have an appropriate premium on Commerzbank's share price.
UniCredit didn't immediately reply to a request for comment.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
June 16, 2026 03:33 ET (07:33 GMT)
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