Latest News for UNCFF
The German government is not stopping the merger or takeover of Commerzbank by UniCredit , but it does not approve of the way it is being done, Chancellor Friedrich Merz said on Wednesday.
A German bank labour union on Friday circulated a letter voicing stark criticism of UniCredit's move to take over Commerzbank , saying "the potential for chaos is growing".
Commerzbank's workers council on Thursday rebuffed UniCredit's advances, maintaining their resistance to a tie-up as the Italian bank nears control of the German competitor.
One of Europe's most cantankerous banking battles in decades is becoming more a question of how and when, not if, UniCredit secures its prize, after it disclosed it was nearing control of Germany's Commerzbank in its €45 billion ($51 billion) hostile deal.
Commerzbank said on Wednesday that less than 2% of institutional and retail investors had tendered their shares as part of UniCredit's offer.
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