The EU Commission must assess the planned takeover of Commerzbank by Italy’s UniCredit to determine if it meets antitrust requirements, with a decision expected in November.
Foreign firms have used low offers to acquire control of German companies. The German federal government is examining these dumping offers and considering measures to prevent such takeovers in the future.
A potential acquisition of Commerzbank by UniCredit is moving closer, and political pressure is now mounting as Hesse’s Minister-President Boris Rhein delivers demands to UniCredit’s chief executive. The negotiations involve thousands of jobs and could have significant implications for Germany’s financial hub.
German trade union Verdi has filed a complaint with BaFin (German financial regulator) regarding UniCredit’s conduct in its attempted takeover of Commerzbank. The union criticizes UniCredit’s approach as damaging market confidence. Commerzbank disputes the Italian bank on a material point related to the acquisition process.