UniCredit, the German government asks Orcel to halt Commerzbank acquisition: "Abandon the acquisition."

MILAN – The German government has asked UniCredit CEO Andrea Orcel to halt the acquisition of Commerzbank, Der Spiegel reports. "We expect UniCredit to abandon its takeover attempt. We continue to support an independent Commerzbank," Federal Finance Minister Lars Klingbeil told the German news agency dpa. "Commerzbank is a systemically important bank in Germany. It has proven it can succeed on its own," he said. "We reject UniCredit's uncoordinated and unfriendly approach. The German government has also made this clear to UniCredit. The federal government will not sell its stake," Klingbeil reiterated.

UniCredit announced that it has doubled its direct stake in Commerzbank and therefore its voting rights from just under 10% to around 20%, becoming the largest shareholder of the group listed on the Frankfurt DAX, ahead of the German government, which still holds 12% of the shares.