FRANKFURT, April 20 (Reuters) - Commerzbank said on Monday that it rejected UniCredit's approach for a takeover, accusing the Italian lender of "hostile tactics and misleading characterisations."
The strongly worded statement is in response to UniCredit statements earlier on Monday saying Commerzbank should adopt measures to improve its performance.
"We are astonished that it took UniCredit more than 18 months to present a unilateral plan that lacks basic understanding of the drivers of our business model despite regular investor meetings during this period," said Commerzbank CEO Bettina Orlopp.
(Reporting by Tom SimsEditing by Tomasz Janowski)
