Germany Rejects UniCredit’s Commerzbank Bid on Last Day (3)

Germany renewed its staunch opposition to UniCredit SpA’s proposed €39 billion ($45 billion) takeover of Commerzbank AG on the final day of the formal acceptance period.

UniCredit’s doesn’t come with “an appropriate premium,” Germany’s Finance Agency, which manages the country’s stake of over 12% in Commerzbank, said in a statement Tuesday. It also said the government backs the lender’s independence and opposes UniCredit’s “aggressive approach.”

Germany has been staunchly opposed to the deal ever since UniCredit disclosed a stake in Commerzbank almost two years ago. The Italian lender presented a full-blown takeover offer in March that’s set to close ...