UniCredit: ECB gives the green light to takeover bid for Commerzbank
Frankfurt has authorised an unlimited stake in the company. The other regulatory approvals are expected by the end of the year, after which Piazza Gae Aulenti will have full control
The ECB has given the go-ahead for UniCredit’s acquisition of Commerzbank. The Eurotower has authorised the group led by Andrea Orcel to exceed the 30 per cent threshold of the German bank’s share capital and to further increase its stake, ‘without any upper limits’, as stated in a note from the bank.
UniCredit emphasises in a statement that the decision represents “a key milestone in the acquisition of Commerzbank” and confirms “the ECB’s positive assessment of the transaction”, as well as its confidence in the Italia group’s fundamentals and financial strength.
Now we need the final regulatory steps and all the necessary conditions to finalise the offer. The bank expects the full set of authorisations to be in place ‘towards the end of the year’. At that point, the group based in Piazza Gae Aulenti will hold around 50 per cent of Commerzbank’s voting rights and ‘will be able to take control’ of the bank.
