UniCredit Seeks Approval for 29.99% Stake in Commerzbank

UniCredit is seeking approval from German antitrust authorities to acquire a 29.99% stake in Commerzbank, which could lead to a significant cross-border banking deal in Europe. The German Federal Cartel Office will conduct an initial review of the acquisition, with the potential for a more in-depth examination if competition concerns arise. This move follows UniCredit's controversial purchase of shares in Commerzbank, which has faced strong opposition from Commerzbank's leadership, labor unions, and German political figures. The European Central Bank is also expected to assess UniCredit's stake, with a decision anticipated in March. UniCredit currently holds approximately 28% of Commerzbank shares, and crossing the 30% threshold would mandate a public takeover bid. The situation reflects growing tensions over foreign acquisitions in Germany's banking sector, particularly regarding potential job cuts and market competition.