Ticker

Commerzbank said on ​Monday that it ‌rejected UniCredit's approach for a takeover, accusing the ​Italian lender ​of "hostile tactics and misleading characterisations."

A German lawmaker on Monday voiced opposition to a ​takeover of Commerzbank by Italy's UniCredit ‌but said if a deal were to happen, the combined bank should be ​based in Frankfurt.

The German labour union Verdi said on Monday ​that it was sticking to ‌its call for Commerzbank's independence as Italy's UniCredit continues its push ​to buy the German lender.

UniCredit unveiled far-reaching plans for a tie-up between the Italian lender and long-term target Commerzbank Monday. A combination of UniCredit and Commerzbank would "propel" the German lender and unlock significant cross-border value and investment firepower, UniCredit CEO Andrea Orcel said.

The Italian bank—Commerzbank's largest shareholder—outlined the detail of its approach to value creation and described the bank's story as one of operating underperformance.