On Monday, a few minutes after 12 noon, UniCredit announced that it had just acquired another 11.5 percent. Commerzbank shares using financial instruments. The transaction could only be completed after obtaining the necessary approvals, but together with the existing 9% stake in the German bank, UniCredit’s total position has increased to about 21%. – we read in the announcement.
German government avoids Commerzbank stake sale
It was an unexpected turnaround. On Friday night, the German government announced that it wanted to retain its current 12% stake in Commerzbank, giving it control of Germany’s second-largest bank. The local finance agency said there would be no further sales of Commerzbank shares at this time. The agency stressed that Commerzbank’s current strategy was focused on remaining independent, indicating a lack of government support for the takeover and the stalling of potential merger talks with UniCredit.
Meanwhile, Italy clearly wants to implement its strategy. Back on September 11 this year. (after increasing its stake to 9%), it filed the necessary regulatory application to acquire a block of Commerzbank shares above 10%. up to 29.9 percent. Monday’s transaction shows that they are pursuing their goal despite the position of the German government.
