Italian financial giant UniCredit announced its stake in Germany's Commerzbank has risen to 47.6%, bringing it one step closer to gaining control in a takeover bid. CEO Andrea Orcel faces a decision on whether to increase the holding above 50% to propose board changes or to seek a consensual deal. The German finance ministry said UniCredit's aggressive and hostile approach is unacceptable, and the government holds a 12% stake in Commerzbank as a bailout measure from the financial crisis. Commerzbank opposes the takeover but remains open to constructive talks, while UniCredit also issued a statement open to discussions, though substantive negotiations have not materialised due to differences.
Commerzbank AGUniCredit's increased stake to 47.6% brings it closer to a hostile takeover, threatening Commerzbank's independence.
UniCredit SpAUniCredit raised its stake to 47.6%, advancing its takeover bid for Commerzbank.