Approved Monday (14.4.2025) by Germany’s Federal Competition Office (Bundeskartellamt) the share of 29.9% of Unicredit to Commerzbanktransmits Reuters.
The Bundeskartellamt decision was to be expected and comes a month after approval of the acquisition by the European Central Bank (ECB) and allows Unicredit to increase its share at Commerzbank from its current rate of about 9.5%.
Unicredit made it known last year that it had created a network of financial transactions through derivatives to secure a percentage of Commerzbank around 28%, waiting for the authorities’ approval, and that it finally wanted 29.9%. “Unicredit can get 29.99% of Commerzbank,” Bundeskartellamt said.
Commerzbank, which is trying to maintain its independence, said that approval does not change Unicredit’s fundamental state as a shareholder. Unicredit said it focuses on its strategy and that Commerzbank remains an investment. “Unicredit has secured the option,” he said.
Bundeskartellamt said it gave approval after studying the impact on companies and other competitive banks, including Deutsche Bank and DZ Bank.
If Unicredit was fully acquired by Commerzbank, it would have to overcome more regulatory obstacles, including the Commission and the ECB. Andrea Orcel, Managing Director of Unicredit, shocked Germany’s business and political establishment last year when the Italian bank acquired a large share of Commerzbank and began to push for a bold effort for a pan -European banking merger.
Orcel said he would wait until a new government in Berlin is formed after the recent elections before he was further accentuated. He also said that he may have to wait until 2027 to decide what to do.