Cartel office gives Unicredit’s green light for Commerzbank entry-DiePresse.com

The major Italian bank UniCredit can continue to advance its entry at Deutsche Commerzbank. The German Federal Cartel Office released the transfer of a minority share of the money house by the bank Austria mother without requirements. « Already due to the registered minority acquisition, there is a strengthening of the Unicredit market position in private and corporate customer business in Germany, » said Kartellama chief Andreas Mundt on Monday.

But there are « other important competitors » in all areas in which the two institutes work. Therefore, the transaction was released by the Bonn authority. The UniCredit had registered for a share of up to 29.99 percent at Commerzbank at the competitive supervisors in February.

Commerzbank: Decision does not change the fundamental situation

Commerzbank reacted calmly to the decision: The money house took note of the decision, which does not change the fundamental situation, the bank said. Commerzbank had shown the Unicredit’s cold shoulder after the Italians started last year and insists on its independence. She even sees the procedure of the Italian institute as hostile.

With 9.5 percent the second largest shareholder in Commerzbank, Unicredit is after the German Confederation, which holds 12 percent. However, the Italians have secured access to a further 18.5 percent of the DAX company through options and other derivatives. An exchange in shares would only be possible after all necessary permits have been received.

The European Central Bank (ECB) As a supervisor for the large banks, had approved an increase in direct Commerzbank participation to up to 29.9 percent. The Austrian antitrust authority had already released the entry in March. (APA/Reuters)