UniCredit secures ECB’s approval for Commerzbank stake.
The European Central Bank has given UniCredit (CRDI.MI), approval to buy up to 29.9% of Commerzbank (CBKG.DE), the Italian bank said on Friday, adding it would likely wait until next year before deciding whether to pursue an acquisition.
ECB approval was expected given UniCredit’s strong balance sheet and the banking supervisor’s supportive stance on consolidation efforts, but it still marks a key step towards what could potentially become Europe’s biggest cross-border deal in the industry since the global financial crisis.
UniCredit’s plans for Commerzbank have sparked an angry backlash in Germany, with the Frankfurt-based lender vowing to pursue independent growth.
UniCredit CEO Andrea Orcel has repeatedly said he would consider a full takeover only if all stakeholders are supportive.
UniCredit’s ambitions over Commerzbank date back to 2001, even before its 2005 acquisition of Munich-based HVB.
After failed attempts by his predecessors to grow UniCredit’s German footprint, Orcel in September stunned Berlin by snapping up shares in Commerzbank, before accumulating the right to own 28% of the bank through derivatives.
Source: REUTERS
