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.

A German bank staff union on Thursday called on Berlin to prevent UniCredit from buying Commerzbank , warning of massive job losses if the deal goes through.

The government said it won’t offload any additional shares in the bank following the sale to UniCredit for €702 million. The move marks an U-turn for the government.

By Tom Sims and Christian Kraemer 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 as workers fear massive job losses if a deal goes through.