ECB Clears UniCredit to Raise Commerzbank Stake Beyond 30%
UniCredit says the approval removes a cap on its stake increase, while other regulatory steps are expected toward year-end.
Key takeaways
- The ECB approved UniCredit’s request to exceed a 30% stake in Commerzbank without an upper limit.
- UniCredit expects remaining approvals and conditions to be met toward year-end.
- The bank expects to hold about 50% of Commerzbank’s voting rights once those steps are complete.
UniCredit said the European Central Bank approved its request to exceed a 30% stake in Commerzbank and increase its holding without an upper limit. The bank described the decision as a key milestone in its planned takeover.
The approval allows UniCredit to convert Commerzbank shares secured through a summer exchange offer into its own shares, according to Der Spiegel. Further regulatory procedures and conditions for completing the offer remain.
UniCredit expects those remaining steps to be completed toward year-end. At that point, it expects to hold about 50% of Commerzbank’s voting rights and be able to take control.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
