UniCredit to seek ECB approval to potentially buy up to 30% of Commerzbank, sources say
MILAN, Sept 17 (Reuters) -UniCredit CRDI.MI will seek ECB clearance to potentially buy up to 30% of Commerzbank CBKG.DE, three people close to the matter said, in order to have the "flexibility" the Italian bank's CEO Andrea Orcel said he needs to plan his next move.
UniCredit emerged as the biggest private investor in Commerzbank after it outbid rivals in a tender to buy a 4.5% stake from the German government. UniCredit had previously bought another 4.5% stake on the market.
The European Central Bank vets investors who want to own at least 10% of a bank, to ensure they are a suitable shareholder. The same applies for thresholds of 20%, 30% or 50%.
UniCredit's 9% holding in Commerzbank, which has been a takeover target for the Italian lender for more than two decades, could lead to a full takeover, Orcel has said, provided there is broad support for a deal that will "create added value for Commerzbank, UniCredit, Germany and Europe."
UniCredit could also just keep the current stake or sell it, Orcel has said. In disclosing the stake, UniCredit said it would seek ECB approval to potentially raise it above 9.9%, so that it could then move "if and when necessary".
UniCredit plans to seek approval to potentially acquire a stake of up to 30% because that is the threshold that under German rules triggers a mandatory buyout offer, the three people close to the matter told Reuters.
The filing is expected in the next few days, they added.
Il Messaggero daily first reported news of the up to 30% threshold.
UniCredit will apply to Germany's financial regulator BaFin, which will then send on the request to the ECB. The ECB has up to 60 days to reply, which can be extended to 90 if necessary.
Investors normally apply for successive thresholds, triggering a separate authorisation process every time.
By seeking clearance to increase the Commerzbank stake to just below the mandatory buyout offer threshold, UniCredit will secure the widest room for manoeuvre in the shortest timeframe.
"We want the flexibility, because as a private investor, at the moment, we may go up, we may go down, and we may combine," Orcel told Bloomberg television last week. "Unless we ask for the authorisation first, we don't have that flexibility."
Reporting by Valentina Za; Editing by Alexander Smith
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
