UniCredit, Italy's second-largest banking group, has raised its stake in German bank Commerzbank to approximately 28%, up from 21% in recent weeks. The Italian bank confirmed that its total shareholding now comprises 9.5% direct ownership and about 18.5% through derivatives.
UniCredit has submitted regulatory documentation to acquire a stake exceeding 10%, potentially reaching up to 29.9%. The authorization process is underway, with discussions ongoing with authorities.
This increase in stake underscores UniCredit's belief in the significant value of Commerzbank, which it aims to consolidate. While the move is currently seen as an investment, UniCredit expressed confidence in Germany's economy and its businesses during a challenging period.
The transaction does not affect UniCredit's ongoing public exchange offer for Banco BPM, Italy's third-largest bank. Speculation continues regarding a potential full takeover of Commerzbank, although this faces opposition from the German government and banking unions.
Commerzbank's management remains focused on its strategic development, with a presentation planned for February 13. The German government has indicated it will not sell additional shares of Commerzbank for the time being, having previously supported the bank during the 2008 financial crisis.
Market reactions have seen Commerzbank shares rise by 2.8%, while UniCredit's shares increased by 0.7% in Milan.