Author Valentina for and Tom Sims
Milan (Reuters) -Europic Central Bank gave Unicredita green light to buy up to 29.9% Commerzbank, the Italian bank said, adding that she would probably wait until next year before deciding whether to continue to take up complete.
With Germany in weapons against the potential acquisition, Unicredita CEO Andrea Orcel, a veteran, pushed her bank into the rapid movement of Italian consolidation and put on the ice of her ambition for pane -European connection.
“The hostile download in the banking sector is not appropriate, especially when it comes to a systemic important bank,” the German Ministry of Finance said on Friday.
The expectation of the ECB is expected to support the financial forces and supervisors of the UniCredit industry for efforts in consolidation, but this is a key step towards what could potentially be the largest cross-border banking agreement in Europe from the global financial crisis.
“The ECB has removed a strong argument that Germany could oppose the potential acquisition,” said Ignazi Angeloni, a former ECB supervisor now at the Institute for European Policy of the University of Bocconi.
Unicredit’s plans for Commerzbank immediately aroused a furious return to Germany, and the lender based in Frankfurt was saved by the state in 2009, which promised to remain independent.
“We are convinced of our strategy,” Commerzbank said on Friday, noting that the ECB decision did not change the position of Unicredit as a mere shareholder.
The Orcel has repeatedly said that he would consider the purchase of the second largest German bank only if all stakeholders support.
“Unicredit is waiting for the opportunity to launch a constructive dialogue with the new German government once formed,” the statement said.
There are still many factors that will determine all future steps and their time, Unicredit said.
“Our original time line for deciding whether to continue or not with a potential combination is likely to extend significantly beyond the end of 2025,” he added.
Unicredit’s ambitions over Commerzbank date back to 2001, even before his HVB acquired in Munich from 2005.
Following the failed attempts of his predecessors to grow the German print of Unicredit, the Orcel surpassed rivals in Government’s sale of Commerzbank shares in September, doubled the share of the market. He then continued to accumulate the right to own 28% of the bank through the derivatives.
The cleansing of the German body for the protection of market competition is required before Unicredit can turn derivatives into shares.
