Commerzbank shares fall 3% as German government retains stake By Reuters

FRANKFURT (Reuters) – Commerzbank ( ETR: ) shares traded 3.1 percent lower on Monday after the government said it would keep its 12 percent stake in the German bank for now in a move likely to keep any merger with UniCredit from Italy. .

Late on Friday, Germany’s Financial Agency said the state would not sell any more shares in Commerzbank for now and that the bank’s strategy was “independence-oriented”, in the clearest sign yet that the government is not in favor of a takeover of the company. creditor no. 2 of the nation.

The bank’s shares have gained about 24 percent since Sept. 11, the day UnCredit announced it had amassed a 9 percent stake in Commerzbank and expressed interest in a merger.

The announcement by the finance agency, an arm of the German finance ministry, means UniCredit is now unlikely to make a takeover bid anytime soon, some analysts said.