German government blocks UniCredit takeover bid for Commerzbank
Berlin has rejected an aggressive acquisition attempt by Italy's UniCredit for Commerzbank, even as the Italian lender's share price climbs amidst an investigation into alleged market manipulation.
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The German federal government, which retains a 12% stake in Commerzbank, has officially blocked UniCredit’s bid to acquire the lender. Officials in Berlin described the Italian bank's approach as both aggressive and hostile. Despite the rejection, UniCredit’s share price has experienced a significant increase on the stock market.
According to Euronews, the Frankfurt prosecutor has launched an investigation into the matter, focusing on alleged market manipulation surrounding the bid. The move marks a definitive stand by the German state against the unsolicited takeover effort.
Source: Euronews. Read the original report ↗
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This brief is based on reporting by Euronews.supports: Euronews