The European Central Bank has authorised UniCredit to exceed the 30% shareholding threshold in Commerzbank. The Italian lender expects to be able to take control of the German bank around the end of the year, subject to remaining regulatory steps and conditions.
UniCredit has received authorisation from the European Central Bank to exceed the 30% threshold for its equity stake in Commerzbank and to further increase its holding, with no upper limit, the Italian bank said on Thursday.
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The completion of the remaining regulatory steps and the fulfilment of the conditions required to finalise the offer for Commerzbank are expected around the end of the year, UniCredit said.
At that point, UniCredit expects to hold around 50% of Commerzbank's voting rights and be able to take control of the bank.
UniCredit described the decision as a key milestone in its acquisition of Commerzbank and a sign of the ECB's confidence in the deal and the Italian bank's financial strength.
The decision underscores "the European Central Bank'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 bank said in a statement.
By acquiring Commerzbank, valued at €35 billion ($39 billion), UniCredit aims to cement its status as a European heavyweight.
UniCredit first bought a stake in Commerzbank in September 2024 and has since secured access to nearly 50% of its voting rights, despite fierce resistance from the German lender and Berlin. The German state still owns around 12% of the bank.
Commerzbank cut thousands of jobs and raised its financial targets to win shareholder support for remaining independent. But with UniCredit nearing control, chief executive Bettina Orlopp called in late July for "constructive" talks with the Italian lender.
Last month, German Finance Minister Lars Klingbeil met UniCredit chief executive Andrea Orcel to seek guarantees over the bank's future. He said it was of "paramount importance" that Commerzbank "continue to fulfil its vital role in financing the German economy".
UniCredit argues that a merger would strengthen Europe’s fragmented banking sector and help it compete with larger US rivals.
