ECB clears UniCredit to increase stake in Commerzbank

The European Central Bank has approved UniCredit’s plan to increase its stake in Germany’s Commerzbank, clearing a major regulatory hurdle in the Italian lender’s bid to gain control of the bank. UniCredit said on Thursday that it may now raise its holding above 30 per cent and potentially up to 100 per cent. [1]

The approval does not itself transfer the shares already tendered in UniCredit’s offer. A few further approvals are still required. Once they are secured, UniCredit chief executive Andrea Orcel would hold nearly 50 per cent of Commerzbank’s voting rights, giving him an effective majority at shareholder meetings, according to the report. [1]

UniCredit made an offer worth about €35 billion in early March. Commerzbank rejected it, but UniCredit took the proposal directly to shareholders in May. The ECB’s decision was expected, but was one of the main hurdles before the shares tendered under the offer could be acquired. [1]

Orcel has pursued Commerzbank publicly since September 2024, despite strong opposition from Germany’s government and Commerzbank’s management. The potential deal would rank among Europe’s largest bank takeovers in years. [1]