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UniCredit Increases Indirect Stake in Commerzbank to 28%
December 19, 2024
UniCredit increased its indirect stake in Commerzbank to 28% via derivative instruments, escalating its pursuit of the German bank alongside efforts to acquire Banco BPM in Italy. This follows a rapid acquisition of a 21% stake in Commerzbank by September, with UniCredit holding 9.5% directly due to European regulatory limits. UniCredit has initiated a formal approval process to raise its stake above 10%, with a decision expected by mid-March. UniCredit’s CEO Andrea Orcel is aiming to leverage Commerzbank as part of a broader European banking strategy, despite strong political opposition in Germany. The German government expects UniCredit to eventually reduce its stake, while UniCredit remains open to either a full acquisition or retaining a strategic investment. Additionally, the bank faces political pushback in Italy over its bid for Banco BPM.
UniCredit’s bonds traded stable with its 4.625% 2027s at 98.9 cents on the dollar, yielding 5.14%.
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