UniCredit's Stake Increase in Commerzbank Approved by ECB, Paving the Way for Control

UniCredit's stake increase in Commerzbank has been approved by the European Central Bank, paving the way for CEO Andrea Orcel to gain control of the German bank. The bank said in a statement on Thursday that the ECB's clearance means it can raise its stake above 30% and may eventually hold 100% of Commerzbank. This is another victory for Orcel. Despite public opposition from the German government and Commerzbank's management, he has been openly pursuing an acquisition of Commerzbank since September 2024. The acquisition of the company, valued at approximately 42 billion, would become one of the largest banking deals globally in 20 years.