UniCredit: BaFin gives the go-ahead to the application to increase its stake in Commerz to over 30 per cent
The 60-day period for the ECB’s response can now begin
UniCredit’s takeover bid for Commerzbank has cleared a key regulatory hurdle: the German banking supervisory authority, BaFin, has in fact informed the Italian bank that its application to increase its stake to over 30 per cent may proceed.
This is according to Bloomberg, citing sources familiar with the matter. This development could mark the start of the countdown to the ECB’s authorisation, as the ECB must complete its assessment within 60 working days. The supervisory authority may request further information, which could extend the review by up to a maximum of 20 additional working days. Provided there are no delays, the assessment is expected to be completed during the second half of October.
UniCredit, as is well known, has launched a public offer for Commerzbank shares, which has received definitive acceptances representing 17.6 per cent of the share capital, up from 12.51 per cent in the first phase. Adding the stake already held and the convertible instruments, UniCredit’s holding has risen to 47.59 per cent of the share capital, equivalent to 49.65 per cent of the voting rights, net of treasury shares. With the public offer now concluded, UniCredit has initiated the process to obtain all regulatory approvals, as is standard practice in Germany.
