In an exclusive interview with CNBC, UniCredit CEO Andrea Orcel revealed that the Italian bank is nearing full control of Commerzbank, having increased its stake to 48%. Orcel expressed confidence in UniCredit's operational strength, citing a recent upgrade in their full-year profit guidance to over 11 billion euros, despite a 13% decline in net profit to 2.9 billion euros in the second quarter.
He indicated that the acquisition could occur in the fourth quarter, although he acknowledged that significant alignments are necessary before a full merger can take place.
This potential acquisition is seen as evolving from a mere financial investment to a strategic move aimed at substantial industrial value creation, highlighting the importance of this transaction for both banks and the broader market