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BackBanks: ECB gives Unicredit the green light for full takeover of Commerzbank
Banks: ECB gives Unicredit the green light for full takeover of Commerzbank
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Handelsblatt1 hour agoBusiness2 min readGermanyView original

Banks: ECB gives Unicredit the green light for full takeover of Commerzbank

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Quick Look

  • The European Central Bank has allowed Unicredit to increase its stake in Commerzbank beyond 30 percent without any further cap.
  • This means that the major Italian bank can soon take control of the German financial institution.
  • Unicredit currently holds almost 30 percent and has secured access to another 20 percent.

AI-generated summary

Why It Matters

Unicredit currently holds almost 30 percent of Commerzbank shares and secured access to a further 20 percent through a takeover offer in the summer. The ECB has supported cross-border bank mergers in the euro area in the past.

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The major Italian bank can now officially increase its stake in the German institution to around 50 percent of the shares. This brings a takeover of control within reach.

The Commerzbank Tower in Frankfurt: The ECB has approved the takeover of control of Commerzbank, Unicredit announced. Photo: Michael Brandt/dpa

Frankfurt. The major Italian bank Unicredit has overcome an important hurdle in taking over Commerzbank: the banking supervision of the European Central Bank (ECB) has allowed the institution to increase its share above the 30 percent threshold and to increase the share without any further upper limit, as Unicredit announced on Thursday evening.

This means that the major Italian bank can soon take control of the German medium-sized financier Commerzbank. Unicredit currently holds almost 30 percent of Commerzbank shares and secured access to a further 20 percent through a takeover offer in the summer.

Unicredit could now buy additional Commerzbank shares freely on the market or submit another offer, but this would be expensive because of the usual takeover premium.

"The approval is an important milestone in the takeover of Commerzbank. It underlines the ECB's positive assessment of the transaction and its confidence in Unicredit's solidity and strong position in the European banking sector," the statement said.

In the past, ECB representatives have repeatedly made it clear that they support cross-border bank mergers in the euro area in order to strengthen the EU internal market.

What to Watch

AI outlook — possibilities, not facts

  • Unicredit will submit an official takeover offer for the remaining Commerzbank shares in the coming weeks.

    Likely · Within weeks

Open Questions

  • When will Unicredit submit an official takeover offer?
  • How will the Commerzbank workforce react to the possible takeover?
  • Will there be antitrust concerns from the German authorities?

Related Topics

unicredit
OrganizationsUnicreditCommerzbankEuropean Central Bank (ECB)
PlacesFrankfurtCommerzbank Tower
Topicscommercial banke.gbanking supervisiontakeovershare increaseFrankfurt
This article was originally published by Handelsblatt.

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ECB gives Unicredit the green light to take over Commerzbank
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ECB gives Unicredit the green light to take over Commerzbank

The ECB has given Unicredit approval to take control of Commerzbank and increase its stake to over 30 percent. This means that the Italian bank can convert the Commerzbank shares it secured in the summer into its own shares and is expected to gain around 50 percent of the voting rights by the end of the year. The federal government wants to prevent redundancies for operational reasons and keep Commerzbank as a listed Frankfurt company.

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