EU regulators set 16 November deadline for UniCredit's Commerzbank takeover review

Commission sets 16 November deadline

The European Commission has set 16 November as the deadline for its decision on UniCredit's takeover of Commerzbank, according to a Commission filing published on Friday, 9 October. UniCredit has sought EU antitrust approval, and the Commission must now analyse the competition implications of the transaction. During its preliminary review the Commission can clear the deal with or without concessions, or it can open a full-scale investigation if it has serious concerns. Handelsblatt reports that the Commission expects to decide by 16 November, so the decision is still pending.

Stake and offer result

UniCredit closed the acceptance period of its voluntary offer for Commerzbank with shares representing 17.60% of the German bank's capital, which lifts its holding to 47.59%. The Italian bank has explained that this share corresponds to 49.65% of voting rights, because Commerzbank's treasury shares carry no voting rights. The offer opened on 5 May and offered 0.485 UniCredit shares for each Commerzbank share, with the aim of passing the 30% threshold. Reuters reports that the German government owns 13.3% of Commerzbank and that UniCredit has already secured nearly half of its share capital. Reuters also places the deal within Italian banks' recent appetite for consolidation, with regulators backing cross-border mergers to create European champions.

Germany's competition authority

Handelsblatt reports that Germany's Bundeskartellamt said last year it would not stand in the way of the takeover. Its head, Andreas Mundt, put it this way:

We see no problems there (..) from a competition standpoint.

Handelsblatt also notes that UniCredit has been pursuing Commerzbank for more than two years despite resistance from Germany. The two banks are now in talks about a possible combination, according to the same report. Reuters reported in August that the European Central Bank was leaning towards approving the takeover.

Results calendar shifts

Il Sole 24 Ore reports that the UniCredit board that will approve third-quarter 2026 results has been moved to 8 November from the earlier date of 21 October. The market presentation of those results moves to 9 November from 22 October. According to the report, the postponement was made necessary by the path toward consolidating Commerzbank, which publishes its quarterly data on 5 November. Both new dates fall before the Commission's 16 November deadline. The timeline below lays out the dates reported in the articles.

Balance sheet and sector effects

Handelsblatt reports that once UniCredit must include Commerzbank in its balance sheet, the consolidation weighs on its hard core capital ratio. A special rule in EU banking supervision law gives the bank relief at almost the same time, the newspaper says. The headline of the report says the banks are using this special rule. The report also says the deal has the potential to change competition in the European financial sector considerably.