The German Federal Cartel Office approved UniCredit's acquisition of a 29.99% stake in Commerzbank, facilitating its expansion into the German banking market. This decision was based on the presence of other significant competitors in the sector. However, the move has faced criticism from the German government, labeling it a "hostile" takeover attempt. UniCredit aims to strengthen its position while Commerzbank has established plans to remain independent, including job cuts and revised financial goals to counter the acquisition bid.
The acquisition "will strengthen UniCredit's market position in the private and corporate customer business in Germany," said Andreas Mundt, head of Germany's Federal Cartel Office.
The German government, which is a shareholder in Commerzbank, described UniCredit's stake buildup as an "unfriendly" and "hostile" attack, indicating its rejection of the move.
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