Italy's major bank UniCredit is preparing to take control of Germany's Commerzbank as early as January and to overhaul its supervisory board, the Financial Times reported on the 29th, citing people familiar with the matter. UniCredit Chief Executive Officer Andrea Orcel plans to convene an extraordinary shareholders' meeting after obtaining the remaining regulatory approvals needed to take control of Commerzbank. UniCredit expects to secure control of Commerzbank by the end of February. The plan is to replace all ten shareholder representatives on Commerzbank's twenty-member supervisory board, thereby securing a de facto majority.
UniCredit SpAUniCredit is set to complete its acquisition of control over Commerzbank by early next year, an M&A expansion move.
Commerzbank AGUniCredit is preparing to take control of Commerzbank and replace its supervisory board, an M&A/control event whose effect on Commerzbank is unclear.
