UniCredit’s pursuit of Commerzbank reflects a watershed moment for Europe — and its banking union

Key Points

European banking’s latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc’s incomplete banking union
Italy’s UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to become the biggest investor in Germany’s second-largest lender with a 21% stake.
The Milan-based bank, which took a 9% stake in Commerzbank earlier this month, appears to have caught German authorities off guard.

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