
-
Israel PM, security agency fight it out in public
-
Courtois returns from Belgium exile for Nations League duty
-
Dupont absence 'changes nothing' for Alldritt before France's Six Nations decider
-
Russia 'committed crimes against humanity' in Ukraine: UN probe
-
Trump hails 'productive' truce talks with Russia, urges Putin to spare Ukrainians
-
Hundreds of Olympians call on IOC candidates to make climate top priority
-
Florence cathedral closed as Italy's Tuscany on flood alert
-
Mark Carney: Canada's new PM charted unusual path to power
-
Arteta 'proud' of Lewis-Skelly's England call-up
-
Mark Carney sworn in as Canada PM
-
US govt shutdown in balance after top Democrat avoids fight
-
Pope marks month in hospital as footballers send messages
-
Crew launch to ISS paves way for stranded astronauts' homecoming
-
Hamas says ready to free Israeli-US hostage, four bodies
-
Wainwright says Wales want to send Sherratt out on Six Nations high
-
Just looking at images of nature can relieve pain, study finds
-
Guardiola relishing 'big fight' for Champions League qualification
-
Duterte follows ICC hearing over drug war case via videolink
-
Mark Carney to be sworn in as Canada PM
-
Chelsea can be flexible, says Maresca
-
UN migration agency laying off around 20% of HQ staff amid US aid cuts: sources
-
Pique denies Rubiales kickbacks in Spanish Super Cup move to Saudi
-
Tuchel hopes to bring Premier League power to England reign
-
UN chief promises to do "everything" to avoid food cuts to Rohingyas in Bangladesh
-
UniCredit gets ECB nod on Commerzbank stake, but delays merger decision
-
Sri Lanka adjusts train timings to tackle elephant deaths
-
Scotland out to 'disrupt' France's Six Nations title hopes, says Russell
-
BMW expects big hit from tariffs after 2024 profits plunge
-
Bayern's Kim sidelined for 'several weeks' with injury
-
Kremlin says Putin sent 'additional' signals to Trump on ceasefire
-
Funding cuts force WFP to stop food aid to one million in Myanmar
-
Thai football body to sue former chief over finances
-
Spain call up Asencio for Nations League quarters
-
Duterte set to face ICC judges in drug war case
-
Gold tops $3,000 for first time on Trump tariff threats
-
Canada's Carney to be sworn in as new PM
-
Brignone on verge of World Cup glory with La Thuile super-G triumph
-
UK energy minister heads to China to talk climate
-
Fernandes hits back at Ratcliffe over 'overpaid' jibe
-
Liverpool's Alexander-Arnold to miss League Cup final in injury blow
-
'God never sleeps': Philippines opponents of Duterte's drug war
-
Syrian Druze cross armistice line for pilgrimage to Israel
-
Thousands pay to catch glimpse of Ohtani practise in Tokyo
-
French finance minister calls trade war 'idiotic', plans US trip
-
UN chief in Rohingya refugee camp solidarity visit
-
Rashford, Henderson recalled in Tuchel's first England squad
-
WFP says funding shortfall forces it to cut food aid to 1 mn people in Myanmar
-
Taiwan tech giant Foxconn's 2024 profit misses forecasts
-
Duterte set to make first ICC appearance
-
Hamilton content after 'completely different' first Ferrari day

UniCredit gets ECB nod on Commerzbank stake, but delays merger decision
Italian banking giant UniCredit said Friday it had secured approval from the European Central Bank to up its stake in Commerzbank, but warned there were still hurdles ahead before a possible takeover of its German rival.
The ECB, which supervises the banking system in the European Union's shared currency zone, agreed that the Italian lender could buy up to 29.9 percent of Commerzbank, UniCredit said in a statement.
Yet the bank said it would take longer than initially expected to make a decision on a potential takeover, which both Commerzbank and Berlin oppose, with the timeline "now likely to extend well beyond the end of 2025".
Commerzbank has vowed to fight any takeover, and UniCredit's approach has angered German politicians, including outgoing Chancellor Olaf Scholz and his likely successor, Friedrich Merz, whose conservatives won elections last month.
UniCredit, Italy's second largest bank, said Friday it was "awaiting the opportunity to initiate a constructive dialogue with the new German government once formed".
The saga began in September when UniCredit revealed it had built up a stake in its rival, triggering talk that chief executive Andrea Orcel wanted to push for an ambitious pan-European banking merger.
UniCredit has since boosted its holding in Germany's second-biggest bank to around 28 percent, 18.5 percent of which is held through derivatives, a form of financial contract.
A spokeswoman for the German government said the ECB decision did not change the position of Berlin, which supports Commerzbank's autonomy.
"The government has also repeatedly reiterated its rejection of a haphazard and hostile approach, and considers that hostile takeovers in the banking sector are not appropriate," she said.
- Still many factors -
Commerzbank also said the ECB's green light Friday "does not change the fundamental situation: UniCredit continues to be a shareholder of Commerzbank".
"We are convinced of our strategy, which aims for profitable growth and value increase, and we are focusing on its successful implementation," it said.
Last month, Commerzbank announced it planned to cut about 3,900 jobs -- around 10 percent of its workforce -- and hiked its financial targets, in a bid to boost its share price and bolster its defences against its Italian suitor.
The job cuts, to be implemented by 2028, come after the lender booked a record profit in 2024.
UniCredit on Friday welcomed "some positive change at Commerzbank, which, together with the recent more optimistic view on German macro (economy), has driven a substantial increase in the bank share price".
Commerzbank's shares have almost doubled in price since UniCredit's move in September.
"However, only significant time will reveal if the plan is executable and hence determine whether such price appreciation is justified and sustainable," the Italian bank said.
UniCredit said the ECB authorisation underscored its own "financial strength and regulatory compliance" but said there were "still many factors" that will determine its plans on Commerzbank.
"Several further approvals are still required before the around 18.5 percent shares held through derivatives can be converted into physical shares, including from the Germany Federal Cartel Office," it said.
Orcel said in January he would not rush a takeover, and was willing to walk away, but would wait until the outcome of Germany's elections.
Berlin still holds a 12-percent stake in the lender, the legacy of a government bailout during the 2008 global financial crisis.
Merz, who is in talks to form a coalition government after the February vote, described a possible bid for Commerzbank as "hostile" in an interview with The Economist magazine last month.
However, some EU policymakers have backed the idea of a tie-up, saying it would create a heavyweight better able to compete internationally.
L.Dubois--BTB