On Monday, the German antitrust office gave the Italian Bank UniCredit to increase its shares in Commerzbank. A spokesman for the German Minister of Economy said that he acknowledges the decision, but does not support her. He added that “hostile acquisitions in the banking sector are out of place.”
A spokesman for the Minister of Economy said that the government acknowledges the consent issued by the Bundeskartellamt Unicredit to increase its shares in Commerzbank. He added that Berlin invariably opposes this “enemy” takeover.
– Hostile acquisitions in the banking sector are out of place, especially if it concerns banks relevant to the functioning of the financial system – the spokesman said at the Monday press conference.
Olaf Scholz's government does not want the Italian bank to become the majority shareholder of Commerzbank, because such a takeover – named by the Chancellor in September last year “hostile” – would mean for you a loss of control over this institution.
The decision of the German antitrust office was expected by banking sector experts. Earlier, the green light was given by the European Central Bank (EBC). This means that UniCredit can increase its shares in Commerzbank to 29.9 percent. from the present approx. 9.5 percent
UniCredit increases shares in Commerzbank
In order to prevent the creation of the monopolies, all major acquisitions of financial institutions that are important for the proper functioning of the European financial system must be approved by the European Central Bank and the European Commission.
Therefore, if Unicredit is considering the complete takeover of Commerzbank, he must obtain further permits from these institutions. At the same time, the Executive Director of UniCredit Andrea Orcel reserved that he would be waiting with further actions for a new government in Germanywhich is to be created soon under the leadership of the candidate for chancellor Friedrich Merz.
“In September, UniCredit announced that he had acquired financial tools enabling him to take over almost 21 percent of Commerzbank's capital, which once again enlivened speculation about the possible plans of the total takeover of the German giant despite Berlin's opposition,” AFP said in September.
Commerzbank is also important for the Polish banking sector, because he is the largest shareholder of mBank and has 69.1 percent. participation of its share capital.
Source of the main photo: Margitta Hamel/Shutterstock