Italian lender UniCredit increased its stake in Commerzbank to 28%

UniCredit has entered into new financial instruments relating to Commerzbank shares, in line with its previously stated ambition to reach a 29.9% stake. „UniCredit’s overall position now totals circa 28%, of which 9.5% through a direct stake and circa 18.5% through derivative instruments.” – according to the press release.

„UniCredit has submitted the necessary regulatory filings to acquire a stake in Commerzbank in excess of 10% up to 29.9%. The authorization process is now activated, and interactions with authorities ongoing.” – the bank said.

UniCredit’s average entry price for the entire position is below current trading levels and fulfills the full financial metrics that we have committed to our shareholders to abide by.

„This move reinforces UniCredit’s view that substantial value exists within Commerzbank that needs to be crystalized. It reflects the belief in Germany, its businesses and its communities, and the importance of a strong banking sector in powering Germany’s economic development. The position remains at this time solely an investment and does not have any impact on the public exchange offer with Banco BPM.” – the bank explained.