Germany formally rejects UniCredit's Commerzbank offer
Government Response to UniCredit's Bid
Official Statement on Rejection
FRANKFURT, June 16 (Reuters) - Germany has officially rejected UniCredit's offer to buy Commerzbank shares, the country's finance agency said on Tuesday, citing a low price and concerns about the Italian bank's "aggressive approach".
Background: Government Stake and Objections
The government holds a 12% stake in Commerzbank and has long objected to UniCredit's efforts to take over one of Germany's top lenders.
Financial Considerations
"Accepting the offer was already not an option from a financial point of view, as it does not include an appropriate premium on the current share price of Commerzbank’s shares," the agency said.
Strategic Importance of Commerzbank
Support for Independence
It added that it supports Commerzbank's independence, and noted that Commerzbank plays a critical role in financing medium-sized companies and is an integral player in Frankfurt, the nation's financial hub.
Future Outlook
"Both must continue to be ensured in the future," it said.
(Reporting by Tom Sims, Editing by Friederike Heine)
