UniCredit Investors Back Share Issue to Finance Commerzbank Bid

UniCredit SpA shareholders approved the issuance of new shares to finance the Italian bank’s €34 billion ($40 billion) takeover bid for German rival Commerzbank AG, getting Chief Executive Officer Andrea Orcel a step closer to a deal that would transform European finance.

Investors attending UniCredit’s extraordinary general meeting on Monday authorized the issuance of as many as 470 million new shares for a potential deal, according to a statement. The board of directors will decide on the actual amount of the capital increase, the issue price and other terms.