UniCredit, Italy’s second-largest bank, said the European Central Bank has authorised it to take control of Commerzbank after a hostile takeover offer completed in July lifted its stake in the German lender to 48%. UniCredit needed this approval to take delivery of shares tendered in the €45 billion offer, and the ECB allowed it to cross the 30% threshold and raise its stake “without upper limits.” UniCredit expects to gain control with around 50% of voting rights by year-end once remaining regulatory processes are completed, pushing a full merger back to 2029-2030. Despite stiff opposition from Commerzbank and German government demands that it keep its Frankfurt headquarters, CEO Andrea Orcel has threatened to call a shareholder vote and install a new supervisory board and management without waiting for next year’s AGM.
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- UniCredit Wins ECB Approval to Take Control of Commerzbank
Italian bank UniCredit has received approval from the European Central Bank (ECB) to exceed the 30% ownership threshold and increase its stake in Germany's Commerzbank without restrictions, moving it closer to control. The approval follows the hostile takeover offer worth €45 billion ($50.51 billion), completed in July, which lifted UniCredit's stake to 48%. UniCredit expects to hold about 50% of voting rights by the end of 2026, subject to remaining regulatory requirements and takeover conditions. If completed, the deal could be Europe's largest cross-border banking transaction since the global financial crisis, though it faces resistance from Commerzbank executives and the German government over jobs, corporate independence and financing for domestic businesses. CEO Andrea Orcel has urged Commerzbank to implement his profitability strategy from January 2027, while a full merger is not expected until 2029 or 2030.
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UniCredit, Italy's second-biggest bank, said on Thursday it had received European Central Bank (ECB) authorization to take over Commerzbank. The approval follows a hostile bid that concluded in July, which lifted UniCredit's stake in the German bank to 48%. The ECB's green light allows UniCredit to receive Commerzbank shares tendered under the €45 billion offer. The move could create the largest cross-border banking deal in Europe since the 2008 financial crisis.
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