Thursday, September 12, 2024 at the Commerzbank AG headquarters in the financial district of Frankfurt, Germany.
Emanuele Cremaschi | Getty Images News | Getty Images
Italy’s UniCredit said on Wednesday it had used further derivatives to raise its potential stake in Commerzbank to 28%, as the market waits to see whether Commerzbank decides to take over the German lender.
This represents an increase from its previous holding of 21%.
Italy’s second-largest bank said its current ownership consists of 9.5% in direct shares and around 18.5% in derivative instruments.
UniCredit has applied to the European Central Bank for permission to acquire up to a 29.9% stake in Deutsche Bank, as CEO Andrea Orcel simultaneously pursues a takeover of Italian peer Banco BPM. .
“This move reinforces UniCredit’s view that there is significant value within Commerzbank that needs to be crystallized,” UniCredit said in a press release on Wednesday. “This reflects our belief in Germany, German companies and communities, and the importance of a strong banking sector in supporting Germany’s economic development.”
The lender stressed that its position remains “merely an investment” at this time and will not impact Banco’s offer to BPM.
Commerzbank said it was “taking note of the announcement,” but declined to comment further beyond mentioning the strategy, which is currently being refined and is expected to be published on February 13.
This breaking news article is being updated.
—CNBC’s Greg Kennedy contributed to this report.
