German minister sees UniCredit ditching Commerzbank tie-up plans
BERLIN, Nov 24 (Reuters) -German Finance Minister Joerg Kukies said on Sunday he did not expect UniCredit CRDI.MI to go ahead with plans for a takeover of Germany's Commerzbank CBKG.DE due to the objections raised by the government in Berlin.
Italy's No. 2 bank has been pressing for a tie-up since buying a hefty stake in Commerzbank in September, while the German lender has been honing its defence as it seeks to remain independent.
"We have a very critical stance on this, and the head of Unicredit has said he does not want to ignore the criticism of the German government, so I expect that he won't do it," Kukies told the public broadcaster ARD.
UniCredit CEO Andrea Orcel said on Friday his bank would wait for a new government in Berlin before making any bid. After the collapse of the ruling coalition, an election is expected to take place in February.
Commerzbank's management, employees and German Chancellor Olaf Scholz have voiced opposition to a takeover, but at least one big investor and some business leaders favour talks.
Reporting by Madeline Chambers; Editing by Kevin Liffey
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