UniCredit Advances Stake in Commerzbank Following Antitrust Approval

The Italian banking giant UniCredit is set to further increase its stake in Commerzbank, following the recent approval from the Federal Cartel Office (Bundeskartellamt). This approval allows UniCredit to acquire a minority stake in the Frankfurt-based financial institution without any conditions. The acquisition of up to 29.99% of Commerzbank's shares had been submitted for regulatory review back in February.

Currently, UniCredit holds 9.5% of Commerzbank's shares, making it the second-largest shareholder after the German government, which owns 12%. UniCredit has also indicated it has options and derivatives that give it access to an additional 18.5% stake in the DAX-listed company.

Andreas Mundt, the head of the Federal Cartel Office, stated that the minority acquisition could enhance UniCredit's market position in both retail and corporate banking sectors in Germany. He emphasized that despite the merger, significant competitors remain in all operational areas of both banks, which justified the clearance of the transaction.

Commerzbank responded to the decision with a measured tone, acknowledging the ruling while asserting that it does not fundamentally change the existing situation. In previous communications, Commerzbank's CEO, Bettina Orlopp, had expressed concerns regarding potential risks for corporate clients associated with UniCredit's possible takeover.

The works council at Commerzbank also raised objections against the acquisition when it was first announced. However, the European Central Bank had already granted permission for UniCredit to raise its stake to 29.99%. Furthermore, the Austrian competition authority had already approved the entry in March.

This development marks a significant step in the ongoing consolidation within the European banking sector, highlighting the strategic moves by major players to strengthen their foothold in key markets.