The German federal government has officially turned down UniCredit's bid for Commerzbank. The decision was made in a statement by the German Finance Agency, which manages the state's interest in the bank. The statement indicated that the Italian proposal was already deemed "economically out of the question" due to the fact that UniCredit's offer did not include a sufficient premium in comparison to Commerzbank's current stock price. Beyond the simple financial concerns, the Finance Agency's statement stresses the institution's strategic relevance to the country. Commerzbank plays an "important role in financing the German economy and the medium-sized business sector", which is the foundation of the so-called Mittelstand. Furthermore, the institution is an important contributor to the stability of Frankfurt's financial center, as well as a substantial employment; both assets that the German government aims to maintain and protect in the future. The Interministerial Steering Committee of the Financial Market Stabilization Facility (FMS) likewise turned down the Italian banking group. The organization unambiguously condemned UniCredit's "aggressive approach" and endorsed Commerzbank's "independence strategy".