This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
UniCredit Raises Commerzbank Stake; EU May Withdraw Conditions Imposed on BPM Takeover
July 9, 2025
Italy’s UniCredit has doubled its equity stake in Commerzbank to 20% by converting roughly 10% of its derivative holdings into common stock, making it Commerzbank’s largest private investor. With approval from regulators including the ECB, German competition authority, and the US Fed, UniCredit now holds ~20% of the voting rights. It also plans to convert the remaining ~9% that it holds in derivatives, potentially increasing its stake to ~29%, just under the 30% takeover threshold under German law.
Separately, a media report said that the EU may ask the Italian government to withdraw the conditions it has imposed on UniCredit’s proposed takeover of Banco BPM. UniCredit said the deal cannot go forward unless the conditions are changed and has now taken the government to the courts in an effort to overturn the decision. The Italian government said that it had the right to set its conditions linking it to national security concerns. The conditions imposed include giving UniCredit nine months to cease activities in Russia and asking the bank not to reduce Banco BPM’s loan-to-deposit ratio for five years. A court ruling is expected later this week.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 98.4, yielding 5.9%
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.