UniCredit aims to avoid German control in Commerzbank bid
CEO Andrea Orcel said UniCredit can avoid German control rules to protect returns. The bank plans to manage its stake during the 35 billion euro takeover bid.
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UNICREDIT SPA is working to sidestep specific regulatory control triggers in Germany as it pursues a takeover of COMMERZBANK AG. CEO Andrea Orcel stated that the Italy-based bank aims to prevent a reduction in shareholder returns that could result from being declared in control of the German lender. Under local corporate rules, control can be established with a stake as low as 40%, depending on shareholder meeting participation.
