FRANKFURT: Germany's Verdi labor union on Tuesday objected strongly to a possible merger between Deutsche Bank and Commerzbank, arguing that the merged group would be a more attractive target for a hostile foreign takeover.
On Monday, German Finance Minister Olaf Scholz confirmed that the banks were exploring a possible merger after weeks of media speculation.Verdi is among Germany's largest unions, representing 2 million workers across a range of industries. The union is calling for a 6 percent wage increase for 200,000 workers that it represents in state and publicly-listed banks.The union has two seats on Deutsche's supervisory board and two seats on Commerzbank's board.
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