A German bank staff union on Thursday called on Berlin to prevent UniCredit from buying Commerzbank, warning of massive job losses if a deal goes through. The warning by the DBV union comes days after

Another person with direct knowledge of the matter said UniCredit’s “assault” on Commerzbank was perceived in Berlin as an “unfriendly act.” The person added it was “nonsensical” for UniCredit’s chief executive Andrea Orcel to argue the German government welcomed his bid.

FRANKFURT (Reuters) -Commerzbank employees and a prominent labour union on Friday called on the German government to oppose a takeover of the German lender by Italy's UniCredit. The joint statement from the Commerzbank works council and the Verdi union marks the starkest opposition yet by employee representatives of a possible tie-up between the two banks.

Analysts have welcomed the move by UniCredit, particularly because a tie-up between the two banks might spur more M&A activity in Europe's banking sector.