The German Government rejected the proposal to acquire Commerzbank from UniCredit, stating that it supports the independence of the bank due to its crucial role in financing the German economy.
Germany's Federal Financial Management Agency, which manages the state rate of more than 12% in Commerzbank, reported in a communication that accepting the offer "is not an economic option", as it does not include a sufficient premium for shareholders.
At the same time, the German side expressed its opposition to what it described as UniCredit's "aggressive approach", repeating its support for the autonomous course of Commercebank.
According to the Communication, Commercebank plays a key role in the financing of the German economy, while its presence and jobs are of particular importance to Frankfurt, where its headquarters are located.
"Both must be guaranteed in the future," the German agency stressed.
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