Key facts
- UniCredit's €40 billion takeover offer for Commerzbank concludes Tuesday.
- The German government has officially rejected UniCredit's offer.
- UniCredit's stake in Commerzbank stands at 42.4% including derivatives.
- ECB authorization is required for the takeover to conclude, expected in Q3.
- UniCredit aims to avoid accounting penalties associated with a minority stake.
UniCredit's €40 billion takeover offer for Commerzbank concludes on Tuesday, with the Italian bank holding 42.4% of Commerzbank's capital, including derivatives. The German government has officially rejected the offer, reiterating its opposition. The European Central Bank's authorization is a necessary step for the takeover to proceed, and it is not anticipated before the third quarter. UniCredit aims to avoid a scenario where it controls Commerzbank with less than a majority stake, which would negatively impact its core capital ratio.