UniCredit CEO says ECB more likely to declare control of Commerzbank given take-up

UniCredit CEO Warns ECB May Declare Control of Commerzbank After Takeover Offer

UniCredit's Takeover Bid and ECB Control Concerns

ECB Declaration of Control More Likely

MILAN, June 23 (Reuters) - UniCredit Chief Executive Andrea Orcel said on Tuesday it was more likely than initially anticipated that the European Central Bank would declare the Italian bank in control of Commerzbank, given the outcome of its takeover offer.

Potential Capital Impact for UniCredit

Such a declaration of control, without UniCredit actually owning 50% plus one share of Commerzbank, would be costly in terms of core capital for UniCredit.

Status of the Takeover Offer

After what Orcel described as the "core phase" of the offer, ended with UniCredit having secured 42.5% of the target's capital, the tender period has resumed for a further two weeks and will run until July 3.

Previous Statements from UniCredit CEO

Orcel had previously said UniCredit should be able to avoid a situation where the ECB declared it in control of Commerzbank without actual majority ownership.

(Reporting by Valentina Za, editing by Giulia Segreti)