Italian bank UniCredit has submitted a proposal to the German Cartel Office for evaluation regarding its intended acquisition of a 29.99% stake in Commerzbank. The application, filed on Monday, is listed on the regulator's current merger control proceedings webpage.
The German authorities have a month to decide on the acquisition's viability in an initial assessment.
In September, UniCredit disclosed an initial 9% stake in Commerzbank, sparking friction with the Berlin government and the German bank, which perceived the move as confrontational and unilateral.
Despite opposition, UniCredit has continued with its plans and is also anticipating approval from the European Central Bank for the stake acquisition comprising primarily derivatives.
UniCredit's CEO, Andrea Orcel, has expressed intentions to wait for a new government in Berlin following Sunday's elections before proceeding with an offer for the remaining shares of Commerzbank.
The reported stake planned for acquisition falls slightly below the 30% threshold that would trigger a compulsory takeover bid under German regulations.
Orcel disclosed earlier this month that a decision on the Commerzbank stake would be made within the next three to five quarters.