WIESBADEN (dpa-AFX) - In the dispute over a possible takeover of Commerzbank by the Italian bank Unicredit, German Chancellor Friedrich Merz (CDU) has backed the German financial institution. "I share the view of the Federal Minister of Finance that an uncoordinated and unfriendly approach such as that taken by the UniCredit Group is unacceptable," Merz said in a letter to the chairman of Commerzbank's group works council, Sascha Uebel. "This is particularly true in the case of a systemically important bank such as Commerzbank AG," the letter, which Uebel published on LinkedIn, continued.

The federal government is committed to a "strong and independent Commerzbank" and takes concerns about the independence and future of Germany as a business and financial center "very seriously," Merz assured. The ambitious targets announced by the bank in February this year were welcomed, "also and especially in the interests of the workforce." The bank's results for the first quarter also point to a successful development.

Merz: Klingbeil closely monitoring further developments

The UniCredit Group's stake in Commerzbank AG is still below the threshold at which it would have to make a takeover bid. "The responsible Federal Minister of Finance, Lars Klingbeil, is closely monitoring further developments and will inform me of any significant changes," Merz said in the letter.

In September, Unicredit took advantage of the federal government's partial exit from Commerzbank, which had been partially nationalized since the 2008/2009 financial crisis, and made a major investment in Germany's second-largest private bank, in which the federal government still holds a good 12 percent stake. Unicredit CEO Andrea Orcel has been campaigning for months to make Commerzbank part of the Italian financial group.

Strong resistance to takeover plans in Germany

Whether a takeover will actually happen is uncertain given the strong resistance in Germany. The Verdi union fears that this would lead to "mass job cuts in Germany" – both at Commerzbank and at Unicredit subsidiary Hypovereinsbank.

Back in May, Federal Finance Minister Klingbeil (SPD) confirmed that the German government believes Commerzbank should remain independent as a systemically important bank. /csc/DP/jha