UniCredit ups Commerzbank stake to 28%, irking Berlin

Move boosts takeover speculation

By: ansa.it

Dec 18 2024
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UniCredit ups Commerzbank stak

UniCredit said Wednesday that it has upped its stake in Commerzbank from 21% to 28% , a move that will boost speculation the Italian bank is set to take over the German lender and which has irked the German government.
    UniCredit said the operation was "in line with its previously stated ambition to reach a 29.9% stake".
    "UniCredit's economic exposure is almost fully hedged, displaying prudency in approach and providing full flexibility and optionality," it said in a statement.
    "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".
    UniCredit made a surprise announcement in September that it had acquired a major stake in Commerzbank, sparking a frosty reaction from the German government.
    German government spokesman Wolfgang Buechner on Wednesday described the latest move as "uncoordinated and unfriendly".
    "Unfriendly attacks and hostile takeovers are inappropriate in the banking sector," Buechner added.