ECB clears UniCredit to raise Commerzbank stake without cap

The removal of a supervisory cap is the decisive step, because it converts UniCredit's stake from a financial position into a credible path toward control of a systemically important German lender. It matters most for Commerzbank's minority shareholders, its workforce and Berlin, which has resisted the move, and it tests how far the ECB's single-market logic can override national resistance. Whether UniCredit actually reaches that voting-share level, and how German political and labour opposition responds, is the open question.