Unicredit adds another step in the gradual climb up CommerzbankThe Piazza Gae Aulenti group has passed an important regulatory step with the German banking supervisory authority. BaFin which authorized her to exceed 30% of capital.
The green light, according to what was reconstructed by Bloomberg and taken from theHandle, arrived at the end of July. It is about key passage which starts the countdown to the ECB, who will have to complete their own assessment within 60 working daysThe supervisory authority may request further information, which could extend the review for up to 20 additional working days. If there are no suspensions, the assessment is expected to be completed in the second half of October. UniCredit is also awaiting authorization from theAntitrust European Union, the U.S. Federal Reserve, and the competent Polish regulator. Commerzbank, in fact, operates in the United States and owns mBank in Poland.
UniCredit may rise above 30% of Commerzbank
The investment in the German institution "is evolving from a profitable financial investment into a strategic transaction with significant industrial value creation", the CEO of Unicredit underlined on the occasion of the half-yearly report, Andrea OrcellWith the green light from the supervisory authorities, UniCredit will now hold nearly 50% of Commerz, following the successful takeover bid concluded in early July with 17,6% of the shares, which allowed the Italian bank to consolidate its position. Now is the time for dialogue. Berlin, which holds nearly 13% of the Frankfurt-based bank, is ready for talks, demonstrating that the Chancellery's focus has shifted from blocking the proposed acquisition to finalizing its terms.
Commerzbank's top management also expressed openness. First, the chairman of the Supervisory Board, Jens Weidmann who for a decade was head of the Bundesbank, the German central bank. Then from the CEO Bettina Orlopp After finalizing the financial statements, he will meet with Orcel via video conference scheduled for Thursday. This will be an initial meeting, followed by others to finalize an "amicable solution." From this perspective, UniCredit's CEO is first interested in overcoming the German government's hurdle and, at the same time, initiating discussions with the workers. Then it will be time to address governance. But this will only happen in 2027, considering that full integration will take at least two to three years.
