UniCredit Clears Key Hurdle in Commerzbank Takeover Bid

The long-running courtship between UniCredit and Commerzbank has reached a pivotal juncture. The European Central Bank's internal assessment found no legal grounds to block UniCredit from expanding its stake in Commerzbank, but supervisors cautioned that any integration would be 'challenging and protracted.'

The market has already priced in a favorable outcome, with UniCredit shares closing Thursday at €85.66, just 0.3 percent below their 52-week high, and a 21 percent gain since the start of the year.

A stake nearing effective control would clear the way for UniCredit to acquire an additional 18 percent of Commerzbank through an exchange offer, bringing its holding to approximately 48 percent of capital and 49.65 percent of voting rights.