By By John O’Donnell
BERLIN (Reuters) -Germany’s finance minister has underscored to Italy’s Treasury his concerns over any hostile takeover of Commerzbank (ETR:CBKG) by Italy’s UniCredit in recent days, according to two people familiar with the matter, in a wider bid by Berlin to halt a hostile takeover.
Lindner outlined his position directly to Italy’s Treasury, in tandem with Germany’s chancellor Olaf Scholz’s public criticism this week, as they sought to put the brakes on a takeover of a bank central to financing the country’s Mittelstand, the medium-sized firms that form the backbone of the economy.
The approach marks a ratcheting up of political pressure after UniCredit swooped to grab control of about a fifth of Commerzbank’s shares, paving the way for a possible full-fledged bid for the bank, which it is trying to fend it off.
Talks about a potential tie-up began on Friday.
Germany’s finance ministry and Italy’s Treasury declined to comment.
