UniCredit received European Central Bank supervisory clearance to lift its Commerzbank holding above 30 per cent and increase it without an upper limit. The Italian lender already holds nearly that threshold and secured access to roughly another 20 per cent through its summer offer. The decision advances its effort to take control of the German bank.
Italian lender UniCredit received authorisation from the European Central Bank’s banking supervisor on October 15 to increase its holding in German lender Commerzbank without an upper limit. The permission covers crossing the 30 per cent ownership threshold and advances UniCredit’s proposed takeover. Commerzbank is an important lender to Germany’s medium-sized businesses.[1], [2]
UniCredit holds nearly 30 per cent of Commerzbank and secured access to roughly another 20 per cent through its summer takeover offer. Following the clearance, it can buy additional shares on the market. Another offer is also a possible route, although the customary premium paid to shareholders would make that option expensive.[1]
UniCredit described the approval as an important milestone in the acquisition. The Italian bank said it reflected the supervisor’s positive assessment of the transaction and confidence in its financial strength and European banking position. European Central Bank representatives had previously supported cross-border bank mergers within the euro area as a way to strengthen the European Union’s single market.[1]
