Bankenaufsicht: Unicredit: EZB genehmigt Übernahme von Commerzbank-Anteilen

The European Central Bank (ECB) has granted its approval for Unicredit's acquisition of Commerzbank shares, allowing the Italian banking giant to convert its secured Commerzbank shares into its own. The ECB has authorized Unicredit to surpass the 30% capital participation threshold and increase its stake without an upper limit. This marks a significant milestone in Unicredit's takeover of Commerzbank and highlights the positive evaluation of the transaction by the ECB, as well as confidence in Unicredit's solid fundamentals and strong position within the European banking sector.

Following the ECB's green light, Unicredit will ultimately have around 50% voting rights and control over Commerzbank. The acquisition offer was submitted by Unicredit in May, securing nearly half of Commerzbank's shares, some indirectly through complex financial transactions. The ECB's permission to complete the stock exchange swap is a crucial step.

Unicredit's shareholding in Commerzbank will rise from just over 30% to nearly 50%. The European Central Bank oversees the largest banks in the Eurozone, and its approval is no surprise, as it has consistently shown support for cross-border bank mergers in the Eurozone to strengthen the EU single market. While the Italian bank can now freely purchase additional Commerzbank shares on the market, German competitors might also submit another offer, albeit at a high cost due to the usual takeover premium.

The German government, owning a significant 13% stake in Commerzbank, aims to prevent job cuts at the DAX company, which employs around 40,000 full-time staff, and ensure that it remains a listed company based in Frankfurt with its strong mid-cap business.