Munich - Italian bank UniCredit won a major court battle Thursday in Germany against rebel shareholders who objected to aspects of its 2005 takeover of major German bank HypoVereinsbank. The state court in Munich said there was no reason to block a squeeze-out of the minority shareholders in HypoVereinsbank.
The rebels had criticized the terms and sought a higher price for their shares. UniCredit aims to completely absorb HypoVereinsbank.
DSW, a German shareholder rights group, said earlier it would appeal to the Bavarian state superior court if it lost.
Milan-based UniCredit is a banking powerhouse in both northern Italy and southern Germany and is the leading bank in several nations of Central and Eastern Europe.
