India, March 14 -- Italian banking group UniCredit SpA (UCG,UNCFF.PK) announced Friday that it has received the European Central Bank or ECB authorization to acquire a direct stake in Germany's Commerzbank AG (CRZBY.PK) of up to 29.9%.
UniCredit said there are still many factors that will determine any further steps and their associated timeline. Several further approvals are still required before the around 18.5% shares held through derivatives can be converted into physical shares, including from the Germany Federal Cartel Office.
The company said its 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.
Meanwhile, Commerzbank reportedly said that t...