UniCredit: Commerzbank Supervisory Board Chairman Weidmann rejects federal government's withdrawal during takeover
UniCredit is making further progress with the acquisition of Commerzbank. The latter's supervisory board chairman Jens Weidmann is addressing the German government in an interview.
Commerzbank supervisory board chairman Jens Weidmann has called on the German government to refrain from selling its shares in the bank for now, as Italian bank Unicredit's takeover bid progresses. Unicredit has increased its stake in Commerzbank to almost 50%, making the bank's independence seem unlikely. The German government holds around 13% of Commerzbank, having bailed it out in 2008/09.
Weidmann suggested that while the government's involvement was initially a rescue measure, it should remain a shareholder for now to protect German interests.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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