Takeover: The EU Commission wants to decide on the takeover of Commerzbank in November

Brussels. The EU Commission is expected to decide on the takeover plans of the major Italian bank UniCredit for Commerzbank by November 16th.

This emerged from a statement from the authority on Friday. The financial institution had submitted the plans to the EU competition authorities for review.

The EU competition authorities are now taking a closer look at this. The Federal Cartel Office had already declared last year that it would not oppose the takeover. “We don’t see any problems in terms of competition,” said Cartel Office chief Andreas Mundt.

UniCredit has been trying to acquire Commerzbank for more than two years and, despite resistance from Germany, has secured a stake of almost 50 percent in the Frankfurt institute.

The two major banks are now in talks about a possible merger.