One of two Commerzbank employees protesting against a potential takeover by UniCredit in Frankfurt on September 24, 2024. Reuters/Tillman Blashofer
[1/2]Commerzbank employees protest against potential takeover by UniCredit, Frankfurt, September 24, 2024. REUTERS/Tillmann Blashofer buys licensing rights opens in new tabMILAN, Oct 20 (Reuters) – Germany’s finance ministry denied on Sunday that the country was considering introducing legislation to acquire licensing rights. . Opens in a new tab to protect domestic banks from cross-border takeovers as Italy’s UniCredit (CRDI.MI) seeks a merger with Germany’s Commerzbank (CBKG.DE). Italian newspaper La Repubblica on Sunday quoted a person close to the matter as saying: The German government was considering legislation that would prohibit foreign lenders from acquiring 100% of banks and require them to remain listed in Germany.
A German finance ministry spokesperson said: “We deny that.”
Berlin was surprised by UniCredit’s swoop to take a large stake in state-backed Commerzbank, but the Italian bank insists the move could lead to a merger.
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Reporting by Sara Rossi and Klaus Lauer. Additional writing by Tom Sims. Editing: Gavin Jones, Christina Fincher, Hugh Lawson
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