German cartel workplace clears UniCredit stake in Commerzbank – DW – 04/14/2025 | EUROtoday

Germany’s Federal Cartel Office on Monday gave its approval to UniCredit’s plans for the acquisition of a serious stake in Commerzbank.

The transfer removes an additional impediment to the Italian financial institution’s goal to take over its German competitor.

Andreas Mundt, head of the Bonn-based antitrust physique, mentioned the 29.99% stake has been cleared as “other significant competitors are active in all areas.”

The acquisition “will strengthen UniCredit’s market position in the private and corporate customer business in Germany,” Mundt added.

The cartel workplace ruling permits UniCredit to lift its stake to 29.9%, simply in need of the 30% threshold that might require it to make a public provide for your complete financial institution.

The European Central Bank had additionally accepted the stake sale earlier this yr.

UniCredit raises Commerzbank stake

UniCredit presently holds round 9.5% stake in Commerzbank.

The Italian banking group revealed final yr that it had used monetary devices like derivatives to safe a Commerzbank stake of round 28%, which could possibly be was inventory solely after regulatory approval. UniCredit mentioned it finally desired to a 29.9% stake.

The German authorities, which is a shareholder within the financial institution, has sharply criticized UniCredit’s transfer, describing the stake buildup and a possible takeover as an “unfriendly” and “hostile” assault.

Earlier this yr, Commerzbank additionally introduced new objectives to fend off UniCredit and preserve its independence, together with hundreds of job cuts and revised monetary targets.

How did Berlin react to the ruling?

After the cartel workplace resolution, the German authorities reiterated its help for Commerzbank’s independence.

The authorities continues to reject UniCredit’s strategy, a spokesperson for the Economy Ministry informed Reuters.

“Hostile takeovers in the banking sector are not appropriate, especially when it comes to systemically important banks,” he mentioned at a daily authorities press convention when requested in regards to the regulator’s resolution.

The query now’s if and when UniCredit will act to transform the derivatives into further shares that might put it on the verge of absolutely taking on Germany’s second-largest financial institution.

Edited by: Wesley Rahn