2 hours ago - Business

UniCredit gets closer to Commerzbank merger

Dan Primack

Illustration of a pattern of euro symbols, in the colors of the German flag, fading left to right. — Illustration: Brendan Lynch/Axios

UniCredit of Italy has increased its stake in German lender Commerzbank to 47.6% of outstanding shares and 49.65% of voting shares, after securing 17.6% via a tender offer.

Why it matters: This gives UniCredit de facto control of Commerzbank's shareholder meetings, ahead of what would be Europe's biggest bank merger in nearly two decades.

The bottom line: This could set up a battle between Germany's government and European Central Bank.

Germany owns 12% of Commerzbank, and has vocally opposed the deal (alongside company management and labor unions). But the ECB has been pushing for cross-border bank consolidation, and technically has the final say.

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UniCredit gets closer to Commerzbank merger

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