UniCredit Wins ECB Approval to Take Control of Commerzbank

Oct 15, 06:52 PM UTCBullishHigh impact

CBK€37.70 −1.02%UCG€75.14 −2.14%CRZBY$42.45 0.32%UNCRY$42.52 0.05%CRZBF$47.79 0.50%UNCFF$85.40 0.28%

Italian bank UniCredit S.p.A. (OTC:UNCRY) has received European Central Bank approval to increase its equity ownership in German lender Commerzbank AG (OTC:CRZBY) above 30% with no upper ceiling. The decision marks a major breakthrough in the Italian bank's long-running pursuit to take over its German rival.

The regulatory nod gives UniCredit a clear path to complete its acquisition offer. With the remaining approval steps expected to wrap up around year-end, UniCredit expects to secure approximately 50% of Commerzbank's voting rights, handing it majority governance of the bank. Commerzbank originally resisted the acquisition, turning down a stock offer in March 2026 that valued its shares at around 30.80 euros each, but its opposition waned as UniCredit built up its holdings.

Investors will be watching for the final regulatory clearances and completion conditions anticipated around the end of the year. Following the announcement, UniCredit S.p.A. (MIL:UCG) saw its Milan-listed shares drop 2.14%, while Commerzbank AG (XETR:CBK) slipped 1.02% in Frankfurt trading.

Key points

The European Central Bank approved UniCredit to raise its Commerzbank stake beyond 30% without an upper limit.
UniCredit expects to gain approximately 50% of Commerzbank's voting rights and take control by year-end.
Commerzbank previously rejected an all-stock offer in March 2026 that valued the company at roughly 30.80 euros per share.
Remaining regulatory requirements and offer completion conditions are projected to conclude around the end of the year.

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Questions and answers

Did the ECB approve UniCredit's acquisition of Commerzbank?

Yes, the European Central Bank approved UniCredit to increase its stake in Commerzbank beyond 30% without an upper limit, clearing the way for UniCredit to acquire majority control.

How much of Commerzbank will UniCredit own after the transaction?

UniCredit expects to obtain approximately 50% of Commerzbank's voting rights once the remaining regulatory processes wrap up around year-end.

When is the UniCredit and Commerzbank deal expected to close?

The remaining regulatory procedures and conditions required to complete the offer are expected to finish around the end of the year.