ECB LEANS TOWARD APPROVING UNICREDIT'S COMMERZBANK BID

The European Central Bank has found "no grounds to object" to UniCredit's hostile takeover of Commerzbank, according to an internal document cited by Reuters. UniCredit has built a stake of roughly 48% in Germany's second-largest bank to push through the $43 billion deal, and ECB clearance would remove its main regulatory hurdle. Germany's financial regulator BaFin struck a different tone, describing UniCredit's conduct during the takeover as "aggressive and partially intransparent." A final decision is expected this month, and the deal would become the largest cross-border bank merger in the European Union since the financial crisis.