Finance
Scholz Condemns UniCredit’s ‘Unfriendly’ Commerzbank Move
- Chancellor Scholz calls UniCredit approach inappropriate
- Tensions have grown over way Orcel quietly built a stake
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Tensions between Germany and UniCredit SpA burst into the open Monday as the government said it opposes a takeover of Commerzbank AG while the Italian lender moved to raise its stake.
“Unfriendly attacks, hostile takeovers are not a good thing for banks, which is why the German government has taken a clear position here and made it very clear that we do not consider this to be an appropriate course of action,” Chancellor Olaf Scholz told reporters in New York on Monday.