UniCredit gains ECB approval to acquire Commerzbank
Reports indicate that UniCredit Bank of Italy has received approval from the European Central Bank to increase its stake in German Commerzbank, after raising its acquisition offer to 48% in July, valued at 45 billion euros. The European Central Bank permitted it to surpass the 30% ownership threshold and to increase its stake without a maximum limit, with expectations that it will control around 50% of the voting rights by the end of the year. Despite opposition from some German parties, UniCredit is seeking to change the German bank's strategy and expand its influence, amid ongoing threats from competitors and regulatory decisions that have been postponed so far.
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