“The authorization process is now activated, and interactions with authorities [are] ongoing,” UniCredit said, highlighting its commitment to meeting regulatory requirements.
Takeover Speculation Sparks Controversy
While UniCredit CEO Andrea Orcel has hinted at a possible partnership between the two banks, he maintained that any deal must serve shareholders, clients, and the broader European banking ecosystem. Orcel acknowledged the importance of benefiting the German economy, where Commerzbank is a pivotal lender for midsized businesses.
Despite these assurances, the German government remains opposed to UniCredit’s pursuit. Berlin holds a 12% stake in Commerzbank through its debt management agency, Finanzagentur, and has indicated no intention to divest its shares. The government’s resistance aligns with objections from Commerzbank management, which has expressed concerns about foreign ownership.
UniCredit’s Broader Ambitions
The Commerzbank investment is not UniCredit’s only strategic maneuver. The Italian bank has also been eyeing domestic rival Banco BPM, although the latter has rejected UniCredit’s €10 billion ($10.5 billion) acquisition offers.
