UniCredit cleared to raise Commerzbank stake above 30 per cent
The approval sets no upper limit on the holding, while further regulatory steps and offer conditions are expected to be completed towards year-end.
The European Central Bank has authorised UniCredit to increase its shareholding in Commerzbank beyond 30 per cent, allowing the Italian lender to proceed with its planned acquisition of control of the German bank.
The authorisation does not impose a ceiling on further increases in UniCredit's stake. However, regulatory procedures still remain, alongside conditions that must be met before the Commerzbank offer can be finalised.
Those steps are expected to be completed towards the end of the year. UniCredit will then hold around 50 per cent of voting rights at Commerzbank, enabling it to take control. Control of the German lender will pass to UniCredit from 2027.
UniCredit said the approval reflected the European Central Bank's favourable view of the transaction and confidence in its financial fundamentals and standing in European banking.
