Italian bank says purchase will complete only once it receives regulatory approval to increase holding from 9%
UniCredit has increased its stake in Commerzbank from about 9 per cent to 21 per cent, a hostile move that marks a sharp escalation in the tensions between the Italian bank and the German government. Photograph: Krisztian Bocsi/BloombergUniCredit has increased its stake in Commerzbank from about 9 per cent to 21 per cent, a hostile move that marks a sharp escalation in the tensions between the Italian bank and the German government.
UniCredit, which has long courted Commerzbank as a takeover target, needs approval from the European Central Bank to lift its holding above 10 per cent, and the latest trade will not settle until “the required approvals have been obtained”. A merger between the two groups would be the first significant cross-border bank deal in Europe since the financial crisis and a potential catalyst for further consolidation across the continent’s fragmented sector.
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