Andrea Orcel-led Italian banking giant UniCredit has sought EU antitrust approval for its takeover of the German bank Commerzbank, with regulators setting a November 16 deadline for their decision, according to a European Commission filing on Friday.
UniCredit’s two-year pursuit of acquiring Commerzbank, which faced intense opposition from the German lender and government, ultimately succeeded in July 2026, with Commerzbank entering into M&A talks with its Italian counterpart.
UniCredit, as of now, holds a total stake of 47.59% in Commerzbank (approximately 47.6%), which translates to 49.65% of the voting rights once treasury shares are cancelled.
European regulators, from their part, are backing cross-border mergers to create European banking champions.
The Commission, which is the EU competition enforcer, has two options as of now: either clear the deal with or without concessions during its preliminary review, or open a full-scale investigation if it has serious concerns.
Orcel, looking to take control of his acquisition target, is also eyeing the overhaul of the German lender’s supervisory board by as early as January 2027.
As per the reports of the Financial Times, the Italian lender plans to call an extraordinary general meeting once it receives the remaining regulatory approvals needed to take control of Germany’s second-largest bank.
“UniCredit expects to secure control by the end of February and replace all 10 shareholder representatives on Commerzbank’s 20-member supervisory board, giving it an effective majority,” the media outlet stated in September.
While Berlin has softened its stance on a potential deal after UniCredit built a stake of nearly 50% in the German lender, Friedrich Merz has continued to demand that Commerzbank remain listed, keep its Frankfurt headquarters, and maintain its role in financing German medium-sized companies at home and abroad.
Germany won the right to appoint two board members when it rescued Commerzbank in 2009 during the global financial crisis. It retains a stake of 13.3% in the bank.
As per reports, Orcel wants sweeping changes at Commerzbank, including the departures of CEO Bettina Orlopp and Chairman Jens Weidmann.
Orlopp, speaking at a financial conference during September, said such a deal structure was one of several “options on the table” as a way to increase UniCredit’s shareholding in Commerzbank.
Orlopp also said that the other ways to structure a deal include a simple merger between Commerzbank and UniCredit or by UniCredit making another offer to the remaining Commerzbank shareholders—”most likely with a premium”—to get its shareholding above 90%.
She concluded by stating that all three basic options are available.