German Chancellor Olaf Scholz slammed as "an unfriendly attack" UniCredit's move to become the biggest investor in rival Commerzbank with a potential 21% stake, marking growing hostility towards the Italian bank.

European stocks were higher Monday as investors assessed banking deals and German and French business activity data.The pan-European Stoxx 600 index was 0.3% higher at around 2:30 p.m. London time, with most sectors and major bourses in positive territory.

UniCredit on Monday said it’s reached an agreement to further increase its stake in Commerzbank as the German government increasingly attempts to ward off an Italian acquisition of its number-two bank.