UniCredit (CRDI.MI) is "doing well" to act within the European Union's internal market, Italian Foreign Minister Antonio Tajani told the Class CNBC network on Monday, commenting on the Milan-based bank interest for Germany's Commerzbank (CBKG.DE).
UniCredit has built up a 9% stake in Commerzbank and on Monday said it could potentially raise it to 21% using derivative contracts, in defiance of Germany's opposition to a full takeover.
Tajani said "it was more than legitimate" for an Italian company to try to buy part of a German competitor, just as it was normal for foreign firms to come to Italy and buy up local players.
"This is the internal market, being pro-European only in words leaves something to be desired, UniCredit is a big Italian bank and it is doing well to act within the internal market," the minister said.
