Düsseldorf/Frankfurt (Reuters) – The German Competition Authority approved on Monday the participation of Unicredit 29.9% to the capital of Commerzbank, thus lifting an additional obstacle for the Italian bank which aims to take control of its German competitor.
This decision by the German Federal Office to Combat Cartels was expected and follows a similar approval from the European Central Bank (ECB) earlier this year.
Unicredit took a 9.5% stake in its competitor last September, in the surprise of the German authorities and the management of Commerzbank. The Italian bank then claimed to have secured a participation of around 28% in Commerzbank via derivative products, pending regulatory approval. It ultimately targets a 29.9%participation.
“Unicredit can acquire 29.99% of Commerzbank,” said the Federal Cartels Federal Office.
Commerzbank, who seeks to preserve its independence, said that approval did not change the fundamental situation.
“Unicredit remains a shareholder of Commerzbank,” said Commerzbank.
A spokesperson for the German government said on Monday that Berlin took note of the decision of the German competition gendarme, while reiterating his support for the independence of the German bank.
The government continues to reject the unilateral and inamicial approach to Unicredit, added the spokesperson.
“Hostile takeover in the banking sector are not appropriate, in particular when it comes to banks of systemic importance,” he said when asked about the issue at a press conference.
(Report Matthias Inverardi, Tom Sims, Rachel More; Elena Smirnova, edited by Kate Entringer)
Copyright © 2025 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
