ECB Clears UniCredit to Lift Commerzbank Stake Past 30%

Italian lender UniCredit has received European Central Bank clearance to raise its Commerzbank stake above 30%, a step toward control of the German bank that leaves the takeover process unfinished.

The authorization has no upper limit on further increases to UniCredit’s stake. The company still needs to complete other regulatory processes and meet the offer conditions before the transaction is complete.

UniCredit expects those remaining steps to finish around year-end. It forecasts that it will then hold about 50% of Commerzbank’s voting rights and be in a position to take control.