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Germany will not sell any more shares in Commerzbank for the time being and the bank's strategy is "geared towards independence," the nation's finance agency said on Friday.

The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank AG despite UniCredit SpA’s move to buy all the shares offered last week, according to people familiar with the matter.

The government said it won’t offload any additional shares in the bank following the sale to UniCredit for €702 million. The move marks an U-turn for the government.

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.

Commerzbank AG’s chief executive officer won’t seek an extension to his contract, leaving the German lender searching for a replacement at the same time as the government begins to sell its stake.

The German government has started an internal probe into its Commerzbank AG share sale after the transaction allowed UniCredit SpA to swoop in and take a major stake in the lender.

By Tom Sims and Christian Kraemer 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 as workers fear massive job losses if a deal goes through.

UniCredit SpA has demonstrated at its existing German unit that it can cut costs in the country, which bodes well for its potential plans for Commerzbank AG, analysts at KBW wrote in a note.