Frankfurt — Germany’s antitrust authorities on Monday waved through UniCredit’s plans for a major stake in Commerzbank, removing a further obstacle to the Italian lender’s ambition to take over its German competitor.
The move by the Federal Cartel Office was expected and follows a similar stamp of approval from the European Central Bank earlier this year.
Monday’s ruling allows UniCredit to own a stake of just under 30% of Commerzbank shares, compared with UniCredit's current holding of about 9.5%.
UniCredit disclosed last year that it had built a web of financial transactions through derivatives to secure a Commerzbank stake of about 28%, pending the regulatory approval, and that it ultimately desired a 29.9% stake.
Reuters
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