UniCredit said it received authorization from the European Central Bank to increase its stake in potential takeover target Commerzbank to up to 29.9% but that it will wait until next year before deciding whether to make a move. The regulatory nod from the ECB on Friday was largely anticipated given its supportive stance on European banking consolidation and UniCredit’s solid financial position.
“Our original timeline for deciding on whether to proceed or not with a potential combination is now likely to extend well beyond the end of 2025,” said UniCredit.