By Margot Patrick
UniCredit received approval from the European Central Bank to lift its stake in Commerzbank to 29.9% but said it won't launch a full takeover any time soon.
The Italian lender, which aims to build a pan-European banking champion, said it still needs a German approval to switch much of its Commerzbank stake from derivatives into shares.
It also needs to wait for a new German government to form to discuss its potential takeover of one of Germany's largest banks. UniCredit started buying shares in Commerzbank last year.
"Our original timeline for deciding on whether to proceed or not with a potential combination is now likely to extend well beyond the end of 2025," UniCredit said.
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(END) Dow Jones Newswires
March 14, 2025 06:00 ET (10:00 GMT)
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