FRANKFURT (Reuters) -Commerzbank CEO Bettina Orlopp on Thursday criticized the Italian bank UniCredit for talking down the share price of the German lender by saying its shares had risen excessively.
The comments by Commerzbank's CEO come a day after Andrea Orcel, the CEO of UniCredit, called Commerzbank's share price not reflective of fundamentals.
"We do not like and we do not accept any approach which basically undermines our strategy and our share price development," Orlopp said at a conference.
UniCredit has acquired a large stake in the German lender and has been pushing for a takeover, despite resistance from Commerzbank management and the government, which is another top shareholder.
Orlopp said that Commerzbank's share price, which has more than doubled since UniCredit bought in, is fair and condemned the attempt to "talk our share price down just because there might be also some other interests in play".
Her comments reveal increasing frustration with UniCredit's advances.
In May, Orlopp said, "we don't need constant interference from the outside".
Orlopp said that while she would be open to all shareholders, "there's one important shareholder, and that is the German government, and we respect their interest in Commerzbank being a very strong and independent Commerzbank".
(Reporting by Tom Sims and Matthias InverardiEditing by Madeline Chambers and Thomas Seythal)
By Tom Sims and Matthias Inverardi
