CNBC Top NewsCodex · 实盘不做把握 4/10
北京时间·🕒 发布 16:23:04时区推断·⟳ 抓取 16:27:22·⚡ 决策 07-23 18:27:14 +1h59m·96.1 天前
UniCredit称持有Commerzbank 48%并可能四季度取得控制权
UniCredit已将Commerzbank持股提高至48%，CEO称可能在四季度行使控制权，但仍需监管和反垄断步骤。
📄 原文CNBC Top News↗ 原文
UniCredit CEO tells CNBC acquisition of Commerzbank could happen in fourth quarter
UniCredit is aiming to exercise control of Commerzbank in the fourth quarter, the CEO of the Italian bank told CNBC in…
不做 Commerzbank（CBK.DE）
控制权和并购预期已是高扩散旧主线，且仍需监管、反垄断和政治条件；当前不做并购套利或追多。
不做 UniCredit（UCG.IT）
收购方同时面临整合和资本消耗不确定性，事件方向不够单边，缺少可执行短线edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-23 · 扩散 high · price-in 风险 high ↗
关键理由
- UniCredit已将Commerzbank持股提高至48%，CEO称可能在四季度行使控制权，但仍需监管和反垄断步骤。
- 该交易已从2024年9%持股、2026年3月约30%持股持续演进，属于欧洲银行业高关注旧主线，不是低扩散突发。
主要风险
- Commerzbank管理层和德国政府仍抵制交易，德国政府持股12%，监管和政治不确定性高。
原文全文
展开原文 · 2,117 字
UniCredit is aiming to exercise control of Commerzbank in the fourth quarter, the CEO of the Italian bank told CNBC in an exclusive interview.
Speaking with CNBC's "Europe Early Edition," UniCredit CEO Andrea Orcel said the bank is happy with its position in Commerzbank, with the bank now closing in on full control of the German lender, having upped its stake to 48%.
Orcel said the Italian bank is firing on all cylinders, having raised its full-year guidance after posting its best-ever second-quarter and first-half results Thursday.
Asked when a full acquisition could take place, Orcel told CNBC's Carolin Roth that certain steps still need to happen.
"With respect to the normal regulatory environment and antitrust, and what would allow us to take ownership of tendered shares and therefore exercise control, we think now potentially in Q4, maybe later, and that would mark the moment when we go in."
"That would mark the moment when we go in," the CEO said, adding that they would not wait for the AGM in May.
He said that the two banks remain "very different," adding that a number of alignments need to occur before any full merger takes place.
CNBC has contacted Commerzbank for comment.
Takeover battle
UniCredit's swoop for Commerzbank has been one of Europe's most closely-watched takeover tussles in recent years.
The Italian bank took an initial 9% stake in 2024, before ramping it up to about 30% in March, fueling expectations of a full takeover. That prospect has been fiercely resisted by both Commerzbank management and the German government, which holds a 12% stake in the lender.
In its second-quarter results statement, UniCredit said the Commerzbank deal has evolved from "an attractive financial investment" to a "strategic transaction of substantial industrial value creation."
The Italian bank's net profit fell 13% to 2.9 billion euros ($3.3 billion) in the second quarter, or 3.1 billion euros when excluding one-off hedging and certain other funding costs relating to the increased stake in Commerzbank.
Its full-year net profit target has been upgraded to more than 11 billion euros.
Speaking with CNBC's "Europe Early Edition," UniCredit CEO Andrea Orcel said the bank is happy with its position in Commerzbank, with the bank now closing in on full control of the German lender, having upped its stake to 48%.
Orcel said the Italian bank is firing on all cylinders, having raised its full-year guidance after posting its best-ever second-quarter and first-half results Thursday.
Asked when a full acquisition could take place, Orcel told CNBC's Carolin Roth that certain steps still need to happen.
"With respect to the normal regulatory environment and antitrust, and what would allow us to take ownership of tendered shares and therefore exercise control, we think now potentially in Q4, maybe later, and that would mark the moment when we go in."
"That would mark the moment when we go in," the CEO said, adding that they would not wait for the AGM in May.
He said that the two banks remain "very different," adding that a number of alignments need to occur before any full merger takes place.
CNBC has contacted Commerzbank for comment.
Takeover battle
UniCredit's swoop for Commerzbank has been one of Europe's most closely-watched takeover tussles in recent years.
The Italian bank took an initial 9% stake in 2024, before ramping it up to about 30% in March, fueling expectations of a full takeover. That prospect has been fiercely resisted by both Commerzbank management and the German government, which holds a 12% stake in the lender.
In its second-quarter results statement, UniCredit said the Commerzbank deal has evolved from "an attractive financial investment" to a "strategic transaction of substantial industrial value creation."
The Italian bank's net profit fell 13% to 2.9 billion euros ($3.3 billion) in the second quarter, or 3.1 billion euros when excluding one-off hedging and certain other funding costs relating to the increased stake in Commerzbank.
Its full-year net profit target has been upgraded to more than 11 billion euros.
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