Germany Moves to Block UniCredit's Bid for State's Stake in Commerzbank

Oct 16, 2024, 07:18 AM

Germany is reportedly attempting to block UniCredit's bid to acquire Commerzbank, citing concerns over financial instability. Several European Central Bank (ECB) officials disagree with Germany's opposition to the deal. Documents reveal that UniCredit executives, including the head of UniCredit Germany, had multiple conversations with top German government officials, including those from the chancellery and the finance ministry, in the months leading up to the potential stake purchase. These conversations included two meetings in September. A German official expressed openness to the deal but criticized the lack of transparency and communication from UniCredit's side. The acquisition involves buying part of the state's stake in Commerzbank.