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Investing.com -- UniCredit plans to continue its pursuit of Commerzbank (ETR:CBKG) despite the German government’s opposition to the potential takeover, according to comments from the Italian bank’s CEO Andrea Orcel.
"On Commerzbank we’ll press ahead despite the German government’s stance. We were invited in September to buy a 4.5% stake, it’s not clear why we should go away now," Orcel told a UniCredit board meeting on Thursday, as reported by Italian newspaper Il Messaggero on Friday.
The statement comes after German Finance Minister Lars Klingbeil told press agency DPA on Thursday that the government expected UniCredit to abandon its takeover plans.
The Italian banking giant appears determined to move forward with its ambitions despite the clear opposition from German officials, setting up a potential confrontation between the bank and the German government.
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