UniCredit's announcement of its intention to acquire up to 29.9% of Commerzbank's capital was considered a "hostile" move by the German banking group on Thursday.

The Italian giant had announced last month that its stake in the German bank was now close to 28%, via 9.5% held directly and 18.5% through derivatives.

UniCredit had also indicated that it had submitted all the necessary documents to the market authorities in order to increase its stake to 29.9%.

The approach of taking and increasing a significant stake unilaterally can only be considered hostile", Commerzbank said today in an e-mailed statement.

Commerzbank explained that it had not held any discussions with UniCredit concerning a possible merger in the two years prior to the acquisition of a stake in the transalpine group.

Despite this, we have repeatedly indicated our willingness to enter into discussions and are prepared to consider an offer from UniCredit in the interests of our shareholders", the document states.

"However, we have not received any proposal to date", the group adds.

From Commerzbank's point of view, the increase in UniCredit's shareholding has unnecessarily led to the alienation of many shareholders, it regrets, adding that only the presentation of an offer detailing the economic and structural terms of a rapprochement could provide a basis for possible talks.

On the Frankfurt Stock Exchange, Commerzbank shares gained 1.5% on Thursday morning, while UniCredit shares gained around 1.7% in Milan.

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