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Bond Market News
UniCredit to Seek ECB Approval To Buy Up to 30% Stake in Commerzbank
September 18, 2024
UniCredit will approach ECB to seek its clearance for purchasing up to 30% stake in Commerzbank, according to sources. The filing is expected in the next few days, the sources added. 30% is the threshold under German rules which triggers a mandatory buyout offer, hence by seeking clearance to increase stake in Commerzbank below mandatory buyout offer, UniCredit will gain flexibility to decide on the course forward. The ECB vets investors who want to own at least 10% of a bank, to ensure they are a suitable shareholder. UniCredit will apply to Germany’s financial regulator BaFin, which will then send the request to the ECB, who will have 60 days to reply, which can be extended up to 90 if necessary. Earlier, UniCredit caught the German authorities by surprise when it purchased a 9% stake in Commerzbank.
UniCredit’s dollar bonds traded stable with its 4.625% 2027s at 100.2, yielding 4.55%.
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