Possible takeover: ECB approves larger unicredit share at Commerzbank

UniCredit is making a possible takeover of Commerzbank: According to the Italians, the banking supervision of the European Central Bank (ECB) does not have any objections that the major Milan bank increases its share of the DAX group to just under 30 percent. At the ECB it was said on Friday that the decision was announced. Public communication is with the bank.

The ECB checks investors who want to own ten percent or more on a bank to ensure that they are suitable shareholders.

Bundeskartellamt also examines Unicredit entry

The Bundeskartellamt also has an eye on the procedure: At the end of February, the UniCredit registered the takeover of a Commerzbank share of up to 29.99 percent for the examination at the Bonn competitive authority.

In September, Unicredit had used the federal government’s part in the Commerzbank, which has been partially nationalized since the financial crisis in 2008/2009, and had entered Germany’s second largest private bank on a large scale.

According to the latest information, the Milanese money house controls a good 28 percent of the shares: 9.5 percent directly via stocks and 18.5 percent via financial instruments. Until she can convert the latter into direct stock participation, further permits from supervisory authorities, for example from the Federal Cartel Office, are necessary, explained the UniCredit.

Talks announced with a new federal government

Unicredit boss Andrea Orcel has been working on a takeover of Commerzbank for months. From a 30 percent share, the UniCredit would be obliged to submit a purchase offer to the other Commerzbank shareholders.

A decision as to whether the Unicredit really wants to go with Commerzbank will probably no longer fall this year, the UniCredit continued: “Cartel procedures, conversations with important stakeholders and further considerations further extend the schedule.” You also wait for the possibility to “be able to record a constructive dialogue with the new federal government as soon as it is in office”.

As a result of the rescue of Commerzbank, the federal government still holds a good twelve percent at the institute in the 2008/2009 financial crisis. From federal and state politics there were critical voices on the procedure of the UniCredit.

Violent resistance in Commerzbank

Commerzbank itself describes Orcel approach as “hostile”. Group and overall head of business administrator Sascha Uebel wants to resist and announced: “We make the way that Orcel has to go in the fight with us, at most mushy and deep,” he recently told the German press agency.

The UNicredit boss, in turn, was hardly an opportunity to praise the advantages of an association of the two institutes and to refer to the Commerzbank, which is on disabled potential.

In mid -February, two days before Commerzbank boss Bettina Orlopp presented her strategy for the years to 2028, the Unicredit sent a few provocative questions in a presentation for its own balance, among other things: “Are the new goals realistic – especially if you consider that the earlier goals have not been achieved – or are they based on optimistic assumptions and the pressure to prevent potential offer?

Orlopp countered that Commerzbank had “clear answers” to all questions from the Italian competitor about the strategy. The Commerzbank boss emphasized at the same time: As long as there is no takeover offer, the UniCredit will be treated like any other investor.

Rising dividends and dismantling more expensive

In the meantime, with increasing dividend and more ambitious return goals, Commerzbank advertises its shareholders for the independence of the institute, which is an important partner for many medium -sized companies in Germany.

Commerzbank also wants to be more profitable through the dismantling of more expensive: Despite a record win last year, the institute recently announced that around 3,900 full -time positions will be deleted, especially in Germany by the end of 2027. Because at the same time the Polish Mbank and at low -wage locations in Asia – for example in Malaysia – the staff in the group should remain largely constant at 36,700 full -time forces worldwide.

Bundeskartellamt for the examination team structure Commerzbank Business and interpretations Commerzbank Commerzbank on the balance sheet 2024 and the new strategy presentation on the Commerzbank strategy “Momentum” presentation Unicredit 11.2.2025 (there questions about Commerzbank on page 50)