One of two Commerzbank employees protesting against a potential takeover by UniCredit in Frankfurt on September 24, 2024. Reuters/Tillman Blashofer
(1/2) Commerzbank employees protest potential takeover by UniCredit, Frankfurt, September 24, 2024 Reuters/Tillman Blashofer buys license rights, opens in new tab Milan, October 20 (Reuters) – Germany’s finance ministry denied on Sunday that the country had purchased licensing rights. Italy’s UniCredit (CRDI.MI) explores merger with Germany’s Commerzbank (CBKG.DE) and considers introducing legislation to protect domestic banks from cross-border takeovers Opens in a new tab . Italian newspaper La Repubblica on Sunday cited sources as saying. The issue is similar to that of the German government, which is considering legislation that would prohibit foreign financial companies from acquiring 100% of banks and require them to remain listed in Germany.
“We deny that,” a German finance ministry spokesperson said.
Berlin was surprised by UniCredit’s swoop to take a large stake in state-backed Commerzbank, but the Italian bank insists the move could lead to a merger.
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Reporting by Sara Rossi and Klaus Lauer. Additional writing by Tom Sims. Editing: Gavin Jones, Christina Fincher, Hugh Lawson
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