UniCredit Approved to Increase Commerzbank Stake by German Authorities
DUESSELDORF/FRANKFURT (Reuters) -Germany's antitrust authorities on Monday waved through UniCredit's plans for a major stake in Commerzbank, removing a further obstacle to the Italian lender's ambition to take over its German competitor.
The move by the Federal Cartel Office was expected and follows a similar stamp of approval from the European Central Bank earlier this year.
Monday's ruling allows UniCredit to own a stake of just under 30% of Commerzbank shares, compared with UniCredit's current holding of around 9.5%.
UniCredit last year disclosed that it had built a web of financial transactions through derivatives to secure a Commerzbank stake of around 28%, pending the regulatory approval, and that it ultimately desired a 29.9% stake.
"UniCredit may acquire 29.99% of Commerzbank," the cartel office said.
Commerzbank, which has been working to maintain its independence, said that the approval doesn't change the fundamental situation.
"UniCredit continues to be a shareholder of Commerzbank," Commerzbank said.
(Reporting by Matthias Inverardi and Tom SimsEditing by Miranda Murray)
