CBK GY
Germany does not see legal means to prevent UniCredit takeover, sources say
BERLIN, Sept 24 (Reuters) - The German government does not see legal powers it could use to prevent the takeover of Commerzbank CBKG.DE by Italy's UniCredit CRDI.MI, two government sources told Reuters on Tuesday.
The Foreign Trade and Payments Ordinance - which in certain cases can be used to prevent takeovers from non-EU countries - doesn't apply because banks are under the supervision of the European Central Bank, the sources said.
Categorising the German bank as "critical infrastructure" - which could also give the government more sway - is not a realistic option either, one of the sources added.
Asked on Tuesday how a UniCredit takeover of Commerzbank might be prevented, Finance Minister Christian Lindner said: "This is a matter for the board of managing directors and the supervisory board of Commerzbank."
The decision will now be for the two banks, the sources said.