For Berlin it is a “hostile takeover”
A spokesman for the Minister of Economy reported that the government acknowledges the consent issued by the Bundeskartellamt Unicredit to increase its shares in Commerzbanku. 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,” a spokesman announced at a Monday press conference.
Olaf Scholz’s government does not want the Italian bank to stay 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.
Experts expected such a decision on Commerzbank
The decision of the German antitrust office was expected by banking sector experts. Earlier, the green light was given on this acquisition 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
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 European Central Bank and the European Commission.
Until UniCredit needs more permits to complete the takeover
Therefore, if Unicredit is considering Commerzbank’s total takeover, He must obtain further permits from these institutions. At the same time, the Executive Director of UniCredit Andrea Orcel He stipulated that with further actions he would be waiting for a new government in Germany, which is to be created soon under the leadership of the candidate for chancellor Friedrich Merz.
In September Unicredit He informed that he had acquired financial tools enabling him to take over almost 21 percent. Commerzbank’s capital, which once again enlivened speculation about the possible plans of the total takeover of the German giant despite Berlin’s objection – 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. (PAP)
