UNICREDIT CLEARED TO TAKE OVER COMMERZBANK

UniCredit ($UCG) has won ECB approval to cross the 30% ownership threshold in Commerzbank ($CRZBY), with no upper limit on how much more it can hold, clearing the last big regulatory hurdle in its hostile bid. The approval unlocks shares tendered in a €45 billion offer, up from the €35 billion hostile bid UniCredit launched in March, when it had secured only 17.6% of the German lender. UniCredit now expects to control around 50% of Commerzbank's voting rights by the end of the year.