Germany rejected UniCredit's latest Commerzbank stake increase as an "uncoordinated and unfriendly approach" on Wednesday, strongly rebuking the Italian bank. UniCredit, which angered Berlin when it emerged as Commerzbank's biggest private investor in September,

German Economy Minister Robert Habeck said he’s concerned about UniCredit SpA’s approach of Commerzbank AG, adding to opposition in Berlin to a potential deal.

Germany has reportedly opposed UniCredit's latest attempt to increase its stake in Commerzbank, describing the move as "uncoordinated and unfriendly". This response comes as the Italian banking giant UniCredit increased its potential stake in Germany’s Commerzbank to 28% from the current nearly 21% interest, reported Reuters.

Italy wants UniCredit to disclose full terms of its proposed takeover of smaller rival Banco BPM under "golden power" rules EU governments can use to screen investments in strategic sectors, sources said.

The European banking industry has been supposedly on the verge of a flood of mergers and takeovers for at least a decade — and I’ve spent most of those years writing about why it wasn’t going to happen.

Italian bank UniCredit's move to increase its stake in German lender Commerzbank, which further fuelled speculation of a takeover bid, was "uncoordinated and unfriendly", the German government said Wednesday.

Germany will not subject any potential takeover of Commerzbank by Italy's UniCredit to an investment screening, a German government source said on Thursday. The source said that was regardless of whether the German lender were considered so-called critical infrastructure or not.

Major Italian bank UniCredit is expanding its stake in German lender Commerzbank through financial instruments, with the total position now amounting to around 28%, the Italian bank announced on Wednesday.

Unicredit, Italy's second largest bank, on Wednesday said it had increased its stake in Germany's Commerzbank from 21 percent to around 28 percent amid growing speculation of an attempted buyout.

Shares in JPMorgan and Bank of America both fell 3.4 per cent on Wednesday, with Goldman Sachs lower by 4.3 per cent. The Dow Jones Industrial Average closed 2.58 per cent lower for the day. Shares in HSBC opened 1.3 per cent lower on Thursday before paring losses, with Société Générale and Crédit Agricole also opening lower.

Orcel has been out of favour in Rome since he snubbed a chance to buy MPS from the state in 2021, deeming as insufficient the billions of euros he was offered to offset potential risks and the impact on UniCredit's capital reserves.

Germany has rejected UniCredit's move to increase its stake in Commerzbank as an 'uncoordinated and unfriendly approach'. This strong rebuke comes amidst concerns about the Italian bank’s growing influence in Germany’s second-largest listed lender.