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.

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.