ECB allows UniCredit to increase its stake in Commerzbank without limits — ANSA English

The European Central Bank has granted UniCredit permission to exceed 30% of Commerzbank’s share capital and continue increasing its stake without a set upper limit. This was reported by ANSA English.

ECB permission

The regulator’s approval allows UniCredit to exceed the threshold of 30% of Commerzbank’s capital. It also provides for the possibility of further increasing its holding without a specified maximum limit.

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The permission is part of the process related to UniCredit’s offer for Commerzbank. To finalize it, the remaining regulatory procedures must still be completed and the established conditions met.

Next steps

The completion of these procedures and fulfillment of the conditions are expected at the end of the year. After that, UniCredit is expected to hold approximately 50% of voting rights in Commerzbank. Such a volume of votes will enable the bank to take control of Commerzbank.