Key facts
- UniCredit has applied for EU antitrust approval for its takeover of Commerzbank.
- The European Commission has set a November 16 deadline for its decision.
- The German government owns 13.3% of Commerzbank.
- UniCredit has already secured nearly half of Commerzbank's share capital.
- The European Central Bank was reportedly leaning towards approving the takeover.
Italian bank UniCredit has formally requested approval from EU antitrust regulators for its planned takeover of German rival Commerzbank. The European Commission, responsible for competition enforcement within the EU, has established November 16 as the deadline for its decision on the matter. This move by UniCredit highlights a recent trend of consolidation within the Italian banking sector, with regulators encouraging cross-border mergers to foster the development of stronger European financial institutions. The German government currently holds a 13.3% stake in Commerzbank, and UniCredit has already acquired close to half of the company's share capital. Reports from August indicated that the European Central Bank was inclined to approve the acquisition.