10:51 AM EDT, 09/16/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) bankers who advised the German government on the sale of its 4.5% stake in Commerzbank invited UniCredit to participate in the bidding without informing Berlin in advance about the invitation, Financial Times reported Monday.

A review of the events by German authorities is underway amid public opposition to last week's sale of the stake, the report said, citing unnamed people familiar with the development.

Following the sale, the Milan-based UniCredit has suddenly become Commerzbank's second-biggest shareholder with a 9% stake, behind the government with its remaining 12% - to Berlin's surprise - according to the report.

Such development comes after Berlin recently signaled repeatedly that it was not interested in selling to UniCredit and interested European buyers, the report said.

UniCredit had not approached the government about a potential tieup with Commerzbank prior to the auction, the report said.

JPMorgan ( JPM ), UniCredit, Commerzbank, and the German Finance Agency did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 206.59, Change: +2.27, Percent Change: +1.11