UniCredit: ECB gives the go-ahead; it can take a controlling stake in Commerzbank
‘A crucial milestone – by the end of the year we’ll be at around 50 per cent’
(Il Sole 24 Ore Radiocor) - The ECB has given the green light to UniCredit’s acquisition of a controlling stake in Commerzbank. This marks the successful conclusion of CEO Andrea Orcel’s ‘German campaign’, and in the coming weeks he will be able to proceed with the necessary steps to integrate the Frankfurt-based bank. According to a statement, UniCredit “has received authorisation from the European Central Bank to exceed the 30 per cent threshold for its shareholding in Commerzbank and to further increase its stake, with no upper limit”. The decision, the statement emphasises, “represents a key milestone in UniCredit’s acquisition of Commerzbank, confirming the ECB’s positive assessment of the transaction and the confidence placed in UniCredit’s solid fundamentals and its strong position within the European banking sector”. “The completion of the remaining regulatory steps and the fulfilment of the conditions necessary to finalise the bid for Commerzbank,” concludes Piazza Gae Aulenti, “are expected towards the end of the year. At that point, UniCredit will hold approximately 50 per cent of the voting rights in Commerzbank and will be able to take control of the bank.”
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