UniCredit CEO Andrea Orcel has indicated that the Italian lender aims to complete its full acquisition of Commerzbank in the fourth quarter.
In an exclusive interview with CNBC, Orcel stated that the bank is targeting a final close during that period, marking a significant acceleration in the months-long campaign to take control of Germany’s largest bank.
59%, driven by a fresh wave of share acquisitions under its ongoing takeover offer.
The comment comes as UniCredit has already secured a dominant position in the German lender.
The Italian bank recently increased its stake in Commerzbank to 47.59%, driven by a fresh wave of share acquisitions under its ongoing takeover offer.
This latest accumulation brings UniCredit closer to the threshold required to force a squeeze-out of remaining shareholders, a move that would effectively end Commerzbank’s independent listing.
Handelsavisen previously reported that UniCredit was preparing to announce the final outcome of its takeover bid, describing the situation as a critical juncture in the battle for control.