Italy's UniCredit wins ECB approval to control Germany's Commerzbank
CBK•The ECB authorised UniCredit to increase its stake in Commerzbank without an upper limit, after a takeover offer lifted its holding to 48%. UniCredit expects to control around 50% of voting rights by year-end, after completing remaining regulatory processes and conditions.
1. ECB approval
UniCredit said the European Central Bank authorised it to cross the 30% ownership threshold in Commerzbank and increase its stake further without an upper limit. The approval allows it to take delivery of shares tendered in its €45 billion ($50.51 billion) offer, which lifted its stake in the German bank to 48%.
2. Next steps
UniCredit expects to control Commerzbank by year-end with around 50% of voting rights, after completing the remaining regulatory processes and conditions relating to its takeover bid. The bank has said Commerzbank should adopt its profit-boosting strategy from January, while a full merger is pushed back to 2029-2030.
3. Opposition and governance
Commerzbank and the German government have opposed the takeover. UniCredit CEO Andrea Orcel has threatened to call a shareholder vote and install a new supervisory board and management at Commerzbank before its annual general meeting next year.
