UniCredit Edges Closer to Commerzbank Takeover

Germany's Federal Cartel Office approved UniCredit's plans to increase its stake in Commerzbank to 29.99%, paving the way for a potential takeover. With existing European Central Bank approval, the Italian lender is moving forward strategically. Commerzbank's largest shareholder, the German government, holds a 12% stake, hoping to maintain its independence.

Germany's Federal Cartel Office has given its approval to UniCredit's plan to significantly increase its stake in Commerzbank, reaching just under a 30% ownership mark. The decision, aligned with prior European Central Bank clearance, enables the Italian bank to further its ambitions of acquiring its German counterpart.

The latest ruling permits UniCredit to increase its stake from about 9.5% to 29.9% after having strategically secured approximately 28% through derivatives. The move signals a crucial step towards the full takeover strategy, though Commerzbank insists that the structural situation remains unchanged.

While Germany's government still holds a pivotal 12% of Commerzbank, the pressing question remains: will UniCredit execute its strategy to finalize the takeover, potentially influencing the German lending landscape?

(With inputs from agencies.)