Commerzbank (CRZBY) called UniCredit’s (UNCRY) approach for a possible tie-up as “hostile,” adding that there had been no talks about it with the Italian bank in the past two years, Reuters’ Ludwig Burger and Valentina Za report. UniCredit is waiting for ECB approval required for the 28% interest it has built in the German company, for the most part using derivatives, the authors note. “The approach of unilaterally building up and expanding a significant stake can only be considered as hostile,” Commerzbank said.
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