The German Federal Cartel Office (Bundeskartellamt) has approved UniCredit’s plan to increase its direct stake in Commerzbank to 29.99% of its share capital and voting rights.
UniCredit remains focused on the second phase of its UniCredit Unlocked strategy, considering Commerzbank an investment with “economic downside protection”.
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The bank will only proceed if it meets strict financial metrics and improves its base plan.
This enables UniCredit to increase its stake in Commerzbank from its current holding of about 9.5%.
Last month, UniCredit received approval from the European Central Bank (ECB) to acquire a stake of up to 29.9% in Commerzbank.
The latest approval could pave the way for UniCredit’s cross-border banking consolidation in Europe, following a lengthy process.
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By GlobalDataHowever, significant obstacles remain, as Commerzbank’s management, unions, and the German government—its largest shareholder with approximately 12%—oppose the takeover, reported Reuters.
Last year, UniCredit revealed it had established a network of financial transactions through derivatives to acquire a 28% stake in Commerzbank, pending regulatory approval, with the goal of ultimately reaching a 29.9% stake.
Recently, UniCredit received approval from the ECB and the Bank of Italy to move forward with its takeover of Banco BPM.
This acquisition will enable UniCredit to directly control Banco BPM and indirectly oversee other entities within the Banco BPM Group and Anima Group, contingent on the successful completion of their public exchange offer.
