UniCredit wins ECB approval to acquire Commerzbank
On October 15, the European Central Bank granted approval to UniCredit, Italy's second-largest bank, to assume control over Germany's Commerzbank. This significant move comes after UniCredit's hostile takeover offer, completed in July, resulted in a 48% stake in the German rival, satisfying the threshold for ECB authorization. The Italian bank, which had been investing in Commerzbank for over two years, aims to achieve a 50% voting share and ultimately take full control of the company by year-end.
UniCredit CEO Andrea Orcel initiated this takeover strategy, despite facing opposition from Commerzbank and criticism from the German government. Once he secures the shares, Orcel plans to push for a shareholder vote to install a new supervisory board and management at Commerzbank, aiming to move forward with the merger plans.
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