UniCredit's behaviour in raising its
stake in Germany's second biggest bank Commerzbank to 28% after
its purchase of another big German bank, HypoVereinsbank, is not
transparent, German Finance Minister Jörg Kukies said Monday
saying that the German government did not think hostile
takeovers were appropriate for systemic banks.
In Germany, he said ahead of a Eurgroup meeting in Brussels, "we
have a very open market", "and UniCredit has bought one of the
largest German banks in HypoVereinsbank.
"Our financial market is very, very open. What we are perplexed
about is the non-transparent, opaque behavior of the bank in
question", UniCredit.
"Because we are firmly convinced that hostile takeover bids are
not a path to success for systemic banks".
Asked if UniCredit should come and talk to the German government
about Commerzbank, Kukies replied "it's up to them".
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