ECB authorizes UniCredit to up Commerzbank stake to 29.9%

(ANSA) - ROME, MAR 14 - UniCredit said on Friday it has received the European Central Bank's authorization to acquire a direct stake in Commerzbank of up to 29.9%.
    "While the approval underscores UniCredit's financial strength and regulatory compliance, there are still many factors that will determine any further steps and their associated timeline", the lender said in a statement.
    UniCredit's timeline for deciding on whether to proceed or not with a potential combination with Commerzbank "is now likely to extend well beyond the end of 2025", it said in the note announcing the ECB's green light.
    "As shareholder, we are pleased that our investment has driven some positive change at Commerzbank, which, together with the recent more optimistic view on German macro, has driven a substantial increase in the bank share price", the statement also said. A combination of the Italian lender and Commerzbank would see one of the country's biggest banks take over Germany's No.2 publicly traded lender.
    Commerzbank has been partly state-owned since its bailout in 2008. (ANSA).