UniCredit Cleared to Increase Stake in Commerzbank
Germany’s Federal Cartel Office has approved UniCredit’s plan to increase its stake in Commerzbank, granting the Italian banking group permission to raise its holdings to as much as 29.99 percent.
The decision clears the path for UniCredit to deepen its involvement with the Frankfurt-based lender. The watchdog authorized the acquisition of a minority stake without any conditions. This follows a prior green light from the European Central Bank (ECB), which had already allowed UniCredit to expand its direct investment in Commerzbank to nearly 30 percent.
“The acquisition of a minority stake alone will already enhance UniCredit’s market position in both retail and corporate banking in Germany,” said Andreas Mundt, head of the Federal Cartel Office, on Monday. However, he emphasized that there are still “other significant competitors in all areas where both institutions operate,” which contributed to the decision to approve the deal.
Commerzbank Stands Firm on Its Independence
Commerzbank, for its part, appeared unfazed by the approval. The bank stated it had taken note of the decision but added that it does not change its overall position. Since UniCredit’s initial move to acquire shares last year, Commerzbank has been clear about preserving its independence. In fact, the Frankfurt lender views UniCredit’s approach as hostile.
Currently, UniCredit holds a 9.5 percent stake in Commerzbank, making it the second-largest shareholder after the German federal government, which retains a 12 percent share. According to UniCredit, the bank has also secured access to an additional 18.5 percent of Commerzbank shares through options and other derivatives. However, any conversion of these financial instruments into voting shares would require further regulatory approval.
At the time of writing, Commerzbank shares were trading at €22.15, up 1.79 percent on the day.
Finance Ministry Reaffirms Opposition
Despite the regulatory clearance, the German government has reiterated its opposition to any potential takeover of Commerzbank. Speaking in Berlin, a finance ministry spokesperson emphasized that the federal government supports Commerzbank’s strategy of maintaining its autonomy and its ambitious financial goals, which were outlined in February.
“The federal government has repeatedly made it clear that it does not support uncoordinated or hostile takeovers, especially when they involve systemically important changes in the banking sector,” the spokesperson added.
While the transaction may now proceed on paper, it is evident that political resistance and corporate friction remain significant barriers to a full merger or acquisition. UniCredit’s growing stake may strengthen its position in Germany’s banking sector, but for now, Commerzbank is standing its ground.