German Chancellor Friedrich Merz denounced UniCredit S.p.A.'s attempts to further grow its stake in Commerzbank AG, in a letter to labor representatives made public on LinkedIn on Tuesday by Sascha Uebel, the Works Council head of Commerzbank.
"I share the view of the federal minister of finance that an uncoordinated and unfriendly approach such as that of the UniCredit Group is unacceptable. This is particularly true when it comes to a systemically important bank such as Commerzbank AG," he stated in the letter.
Previously, the European Central Bank, as well as Germany's Federal Cartel Office (Bundeskartellamt), allowed UniCredit to buy up to 29.99% of Commerzbank's shares.
