Banks ECB approves larger Unicredit stake in Commerzbank
Italy's Unicredit is making progress with a possible takeover of Germany's Commerzbank: the European Central Bank's (ECB) banking supervisory authority has no objections to Unicredit increasing its stake in the German banking group to just under 30 percent.
14.03.2025, 10:40
SDA
This was announced by Unicredit on Friday. The ECB said that Unicredit had been informed of the decision. Public communication is the responsibility of the bank.
The ECB checks investors who want to own ten percent or more of a bank to ensure that they are suitable shareholders.
Federal Cartel Office also examines Unicredit entry
The German Federal Cartel Office is also keeping an eye on the proceedings: At the end of February, Unicredit notified the acquisition of a Commerzbank stake of up to 29.99 percent to the competition authority in Bonn for review.
In September, Unicredit took advantage of the German state's partial exit from Commerzbank, which had been partially nationalized since the 2008/2009 financial crisis, and made a major investment in Germany's second-largest private bank.
According to the latest figures, the Milan-based bank controls a good 28 percent of the shares: 9.5 percent directly via shares and 18.5 percent via financial instruments. Unicredit explained that further approvals from supervisory authorities, such as the Federal Cartel Office, are still required before it can convert the latter into a direct shareholding.
Talks with new federal government announced
Unicredit CEO Andrea Orcel has been working towards a takeover of Commerzbank for months. Unicredit would be obliged to submit a purchase offer to the remaining Commerzbank shareholders once it holds a 30 percent stake.
However, a decision on whether Unicredit really wants to merge with Commerzbank will probably not be made this year, Unicredit explained further: "Antitrust proceedings, talks with important stakeholders and other considerations are further extending the timetable." Unicredit is also waiting for the opportunity to "enter into a constructive dialog with the new German government as soon as it takes office".
As a result of the rescue of Commerzbank during the 2008/2009 financial crisis, the German state still holds a good twelve percent of the bank with billions in taxpayers' money. Federal and state politicians have been critical of Unicredit's actions.
Fierce resistance within Commerzbank
Commerzbank itself describes Orcel's approach as "hostile". Group and General Works Council Chairman Sascha Uebel wants to put up as much resistance as possible and announced: "We will make the path that Orcel has to take in the fight with us as muddy and deep as possible," he recently told the German Press Agency.
The head of Unicredit, on the other hand, has recently hardly missed an opportunity to extol the virtues of a merger between the two institutions and to point out the untapped potential at Commerzbank.
