Business · Companies · 5 hrs ago
ECB approves UniCredit to raise its Commerzbank stake without a cap
The European Central Bank approved UniCredit raising its stake in Commerzbank beyond 30%, the Italian bank said.
UniCredit, based in Milan, is seeking control of the German bank, which is headquartered in Frankfurt.
It currently holds just under 30% of Commerzbank and secured access to roughly another 20% through an offer made this year.
The approval removes a key regulatory hurdle, allowing UniCredit to increase its stake without a set upper limit.
Remaining regulatory steps and offer conditions are expected to be completed near the end of the year, when UniCredit expects to hold about 50% of voting rights and be able to take control.
A takeover could reshape one of Germany’s major banks: UniCredit sees scope for large savings, including thousands of job cuts, while the German government wants to avoid compulsory redundancies and keep Commerzbank based in Frankfurt with its strong business serving medium-sized companies.
UniCredit can also buy more shares on the market or make another offer, but a takeover premium could make that costly.
The European Central Bank has approved UniCredit to cross the 30% ownership threshold in Commerzbank and increase its stake without an upper limit.
UniCredit said the approval was an important milestone in its effort to take control of the German bank.
The Italian lender expects to hold about 50% of Commerzbank’s voting rights by the end of the year, subject to remaining regulatory steps.
UniCredit already has a stake of nearly 30% and access to about 20% more through an offer.
The proposed takeover has faced resistance from Commerzbank and the German government.
- Who
- UniCredit, the Italian bank, received approval from the European Central Bank to increase its stake in Commerzbank.
- What
- The ECB authorized UniCredit to cross the 30% ownership threshold and increase its stake without an upper limit.
- When
- The approval was announced on October 15, 2026.
- Where
- Commerzbank is based in Germany.
- Why
- UniCredit is seeking to take control of Commerzbank and says a merger would strengthen European banking.
UniCredit
Commerzbank and the German government
Takeover
UniCredit
UniCredit is pursuing control of Commerzbank and says a merger would strengthen European banking.
Commerzbank and the German government
Commerzbank and the German government have resisted the proposed takeover.
Bank’s future
UniCredit
UniCredit has identified potential savings and job cuts.
Commerzbank and the German government
The German government wants to avoid compulsory redundancies and preserve Commerzbank’s role in financing the German economy.
UniCredit took a stake in Commerzbank and later continued to build it up.
UniCredit made an offer for all Commerzbank shares, securing access to nearly half of the shares.
UniCredit announced that the ECB had approved it to cross the 30% threshold and increase its stake without an upper limit.
UniCredit expects to have about 50% of Commerzbank’s voting rights, subject to remaining regulatory steps.
- Approval
- ECB authorized UniCredit to exceed 30% and raise its stake without an upper limit
- Current stake
- Nearly 30% of Commerzbank’s shares
- Expected voting rights
- About 50% by year-end
- Commerzbank location
- Germany
- German state stake
- 12% of the capital, according to Daily Sabah; more than 13%, according to Spiegel
13 sources
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What people are saying
The decision represents an important milestone in UniCredit's acquisition of Commerzbank, underscoring the ECB's positive assessment of the transaction and the confidence in UniCredit's solid fundamentals and strong standing within the European banking sector
paramount importance
continue to fulfill its vital role in financing the German economy