1508 GMT - German Union Verdi continues to oppose a potential UniCredit takeover of the German lender, after UniCredit increased its stake to 21% on Monday. Verdi welcomes the German government's decision to not sell any further shares in the German lender from its portfolio to Italy's Unicredit as employees have already made a significant contribution to stabilizing the bank in the past, Verdi Chairman Frank Werneke says. "Particularly at a time of increasing international uncertainty, it is more important than ever for the German economy and especially the German small and medium-sized enterprise sector that the bank maintains its independence," Werneke says. Shares of UniCredit and Commerzbank fall 2.9% and 4.6%, respectively. (helena.smolak@wsj.com)
(END) Dow Jones Newswires
September 23, 2024 11:08 ET (15:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.