Commerzbank advisory board's Miele says UniCredit stake increase 'not good news'

Commerzbank CBK advisory board member Christian Miele said UniCredit's UCG increased stake in the German lender was not good news from the perspective of German companies.

"A hostile takeover of Commerzbank should also be critically viewed when it comes to Germany as a business location," said Miele, a scion of the family famed for its household appliances.

He added that a majority of German companies have repeatedly made clear that they want an independent Commerzbank, citing a survey by FINANCE magazine.