UniCredit seeks EU approval for Commerzbank acquisition; German resistance softens

UniCredit has formally sought EU approval to acquire Commerzbank, following an increase in its stake to 49.65% in July, which gives it decisive influence over shareholder decisions. German Finance Minister Lars Klingbeil met with UniCredit CEO Andrea Orcel in late August, indicating a softening of political resistance. The deal would create a new billion-dollar banking giant, reshaping the European banking landscape.