ECB Edges Towards Approval for UniCredit's Commerzbank Bid

UniCredit SpA's takeover of Commerzbank AG is inching closer to approval, according to an internal document presented last month to the European Central Bank's Supervisory Board. The Italian lender is waiting for regulatory approvals to take ownership of shares equal to about 18% of Commerzbank that were tendered during its takeover offer earlier this year.

If approved, UniCredit would gain a significant stake in Commerzbank, bringing its holding just under 50%. This would likely give it a voting majority at investor meetings. The document suggests that the ECB is leaning towards approving the deal, although no official announcement has been made yet.