(Bloomberg) -- The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank AG despite UniCredit SpA’s move to buy all the...
-- The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank AG despite UniCredit SpA’s move to buy all the shares offered last week, according to people familiar with the matter.While the finance ministry oversees Germany’s stake in Commerzbank, a decision on further sales needs the unanimous approval from a committee that also has officials from various other government bodies including Chancellor Olaf Scholz ’s office.
UniCredit Chief Executive Officer Andrea Orcel last week took Germany by surprise when he swooped in to build a 9% stake in Commerzbank, turning the Italian bank into the second-largest shareholder overnight. Orcel seized on Germany’s first sale of shares in Commerzbank AG since the country acquired them through a bailout over a decade ago, subsequently saying he’s considering a full takeover of the German bank.
Volunteers and emergency personnel worked through the night from Tuesday to Wednesday to fortify the Polish city of Wroclaw against approaching flood waters, while Hungary opened a dam as the prime minister warned a "crucial period" was approaching.
Hezbollah pager blasts: Mossad 'planted explosives inside thousands of devices months before they detonated'
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