How UniCredit CEO outmanoeuvred Germany on Commerzbank

▤ Summary

UniCredit is pushing ahead with its attempt to take over Commerzbank after months of resistance from German officials. The battle has shifted from whether a deal can happen to what terms a combination might take. UniCredit has already built a near-50% stake, giving it leverage over shareholder resolutions and forcing talks with Berlin. Regulators and policymakers still face pressure over the implications for German banking and cross-border consolidation in Europe. The outcome could reshape a major banking franchise serving tens of thousands of business customers.

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