UniCredit's approach to Commerzbank has become one of the most intriguing M&A stories in recent times. The European Central Bank (ECB) has shown broad support for the potential merger, with six ECB governors expressing their approval in principle. However, Germany's opposition to UniCredit's plans presents a significant hurdle. The ECB's call for cross-border consolidation and the vision of a true banking union are being tested by this development. Commerzbank's weak defence against UniCredit’s ‘frenemy’ hug adds another layer of complexity to the situation.