UniCredit Clears Antitrust Hurdle in Commerzbank Ambition

UniCredit's plans to acquire a significant stake in Commerzbank progressed as Germany's antitrust authorities approved. This follows earlier approval by the European Central Bank, allowing UniCredit to increase its stake to just under 30%. Commerzbank maintains its stance on independence despite these developments.

Germany's antitrust authorities have given the green light to UniCredit's ambitions for a significant stake in Commerzbank, removing another hurdle in the Italian bank's takeover plans.

The Federal Cartel Office's approval was anticipated, following the European Central Bank's consent earlier this year. With this decision, UniCredit can now hold a stake of just under 30% in Commerzbank, up from its current holding of about 9.5%.

UniCredit revealed last year that it orchestrated a series of financial transactions through derivatives to secure a Commerzbank stake of around 28%, awaiting regulatory nod. The ultimate goal is a 29.9% stake. Despite these moves, Commerzbank is keen to retain its independence.

(With inputs from agencies.)