Berlin Reiterates Opposition to UniCredit’s Bid for Commerzbank

A spokesperson for Germany’s Finance Ministry said on Monday that the federal government “continues to oppose” UniCredit SpA’s approach for Commerzbank AG. The official added that Berlin has no intention of selling its own shareholding in Commerzbank, effectively shutting down speculation that the state might open the door to a foreign-led transaction. Germany became Commerzbank’s largest shareholder after a 2009 bailout and has periodically reduced its stake, but retains a significant holding. The reaffirmed stance leaves UniCredit, Italy’s second-largest lender, with no clear path to pursue a deal that has been periodically floated as part of the sector’s long-anticipated consolidation.