Unicredit: German antitrust, green light for 29.99% acquisition of Commerzbank

The German Federal Antitrust Office (Bundeskartellamt- Bfk) has cleared the acquisition of a stake in Commerzbank by UniCredit under the aspects of merger law. The German antitrust authority announced this in a note. "The notified minority acquisition alone will strengthen UniCredit's market position in private and corporate banking in Germany. We have therefore closely examined the financial services sectors particularly affected. Other significant competitors are active in all sectors, which is why the transaction had to be approved,' said Andreas Mundt, chairman of the Bfk.

"The investigations focused on regional activities with private and business customers. For both the merging parties and their main competitors - including savings banks, cooperative banks and other private banks - branches and their geographical coverage throughout Germany were examined. Even in areas where there is a higher concentration, no merger-related problems were identified with regard to business with private and business customers with a turnover of up to approximately EUR 10 million due to the diversified supplier structure,' the note states. "No reliable indications of a significant impediment to effective competition related to the merger have emerged. It is true that Commerzbank has in some cases a strong or leading position in the national markets for trade finance services, such as documentary credits, collections and bank guarantees, in which UniCredit is also active. However, a number of competitors also have a significant market position or the potential to expand their market position, which means that after the merger there will remain relevant alternatives for customers,' the German antitrust regulator goes on to explain.