LONDON — European stocks closed higher Monday as investors assessed banking deals and German and French business activity data.
The pan-European Stoxx 600 index ended 0.4% higher, with most sectors and major bourses in positive territory. Autos stocks led the gains, up over 1.9% from the previous session.
Shares of Commerzbank fell around 5.7% after German Chancellor Olaf Scholz criticized UniCredit’s “hostile” and “unfriendly” move on the bank, Reuters reported.
His comments come shortly after Italy’s UniCredit announced it had increased its stake in the German lender to around 21% and submitted a request to boost the holding to up to 29.9%.
“UniCredit believes that there is substantial value that can be unlocked within Commerzbank, either stand-alone or within UniCredit, for the benefit of Germany and the bank’s wider stakeholders. However, as was the case for UniCredit, such potential requires action for it to be crystalized,”…
