Germany Halts Commerzbank Share Sales to Block Any UniCredit Bid

Germany won’t sell any more shares in Commerzbank AG, a move that demonstrates the depth of opposition in Berlin to any takeover by Italian rival UniCredit SpA.

The government “will not, until further notice, sell any additional shares,” the agency responsible for any sales said in a statement Friday. “This also includes sales related to any share buybacks.”

The decision comes after UniCredit Chief Executive Officer Andrea Orcel bought a 4.5% stake from the government this month and disclosed an overall holding of 9%. His bank had quietly acquired the balance in the market as speculation of a ...