BERLIN (Reuters) - Germany's competition regulator says Italian lender UniCredit has reported its planned acquisition of a minority stake in Germany's Commerzbank for assessment. The application was
UniCredit Seeks Approval for Significant Stake in Commerzbank
By Matthias Inverardi
BERLIN (Reuters) - UniCredit has asked German antitrust authorities to approve its move to take a substantial stake in Commerzbank, another key hurdle for the Italian bank to overcome as it pursues a possible takeover of the German lender.
UniCredit has built a web of financial transactions to secure a Commerzbank stake of just under 30%, putting it on the cusp of a full-blown takeover of one of the most important lenders to Germany's small and medium-sized Mittelstand companies.
The application, which was logged this week, ticks off a legal requirement and shows UniCredit's persistence in the face of opposition to a takeover both at Commerzbank and in Germany's political establishment.
Germany's antitrust authorities could grant UniCredit permission to buy the stake within a month.
The regulators could also open a more detailed probe, which would take a further four months, if they believe the move would skew competition by, for instance, making it harder for local companies to borrow.
The watchdog has the power to impose conditions on the stake purchase.
If UniCredit were to go ahead with a full-blown takeover of Commerzbank, it would need to clear more regulatory hurdles, including from EU authorities, including the European Commission and European Central Bank.
UniCredit declined to comment.
Andrea Orcel, UniCredit CEO, shocked Germany's corporate and political establishment last year when the Italian bank snapped up a hefty stake in Commerzbank and began pushing for a tie-up in a bold attempt at a pan-European bank merger.
UniCredit's pursuit of Commerzbank has become a test of Germany's resolve to fend off foreign suitors and prevent its financial centre in Frankfurt from losing one of its few remaining big commercial banks.
Orcel has said he wanted to wait until a new government was in place in Berlin after the recent election before making an offer for the rest of Commerzbank.
Commerzbank's management, employees and the nation's chancellor have all spoken against a potential takeover.
Boris Rhein, the premier of Commerzbank's home state of Hesse, told a gathering of Germany's financial elite on Monday that UniCredit needed to give up.
"Nobody wants what you are doing. Withdraw!" Rhein said.
(Reporting by Matthias Inverardi; Writing by Rachel More, Tom Sims and John O'Donnell; Editing by Ludwig Burger, Miranda Murray, David Goodman and Jane Merriman)
