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.

Opposition within the German government to a potential takeover of Commerzbank by UniCredit is solidifying, amid anger at the way the Italian bank acquired its 9 per cent stake and concern over potential macroeconomic risks a merger might pose to the German economy.

UniCredit was able to buy 4.5% of Commerzbank from the German state because the government trusts the Italian bank, its CEO said in a newspaper interview, ruling out any "aggressive" moves such as an unsolicited buyout bid.