MILAN (Reuters) -Germany’s finance ministry on Sunday denied that the nation was contemplating introducing a legislation to guard home banks from cross-border takeovers as Italy’s UniCredit seeks a merger with Germany’s Commerzbank (ETR:).
Italian newspaper La Repubblica on Sunday cited a supply near the matter that the German authorities was contemplating a legislation stopping overseas lenders from shopping for 100% of any financial institution and requiring it stay listed in Germany.
“We deny that,” a spokesperson for the German finance ministry mentioned.
Berlin was shocked by UniCredit’s swoop to construct a big stake in state-backed Commerzbank, a transfer the Italian financial institution says might result in a merger.
