UniCredit's Commerzbank Takeover Bid Gains Momentum as ECB Approval Looms

The European Central Bank (ECB) is leaning towards approving UniCredit's takeover of Commerzbank, according to an internal document. The document shows that the ECB has found 'no grounds to object' to the deal but expects a 'challenging and long-lasting' integration process.

UniCredit has built a roughly 48% stake in Commerzbank through a €43 billion hostile bid, prompting resistance from management, staff, and the German government. However, some opposition has recently softened.

The ECB's preliminary view on the takeover was presented to its Supervisory Board last month. The board considers the views of national supervisors on takeover deals before making a final decision, which is then ratified by the ECB's Governing Council.