dpa
Rome/Frankfurt
Major Italian bank UniCredit is expanding its stake in German lender Commerzbank through financial instruments, with the total position now amounting to around 28%, the Italian bank announced on Wednesday.
The move is in line with the aim of expanding the stake to 29.9% and underlines UniCredit’s belief in a strong German banking sector, the Milan-based bank said.
The move has been widely seen as part of an eventual move by UniCredit to take over Commerzbank, although UniCredit has not announced any plans to expand its stake beyond 29.9%.
On Wednesday, the Italian bank again emphasized that its engagement with Commerzbank should currently be considered merely an investment.
UniCredit had already announced that it would seek approval for a Commerzbank stake of up to 29.9%: “The authorization process is now activated, and interactions with authorities ongoing.” For an ownership stake of 30% or above, UniCredit would be obliged to submit a public takeover offer.
UniCredit now holds 9.5% in direct shares of Commerzbank and another roughly 18.5% through derivative instruments, according to the Italian bank.
“This move reinforces UniCredit’s view that substantial value exists within Commerzbank that needs to be crystallized,” UniCredit said in a press release announcing the move. “It reflects the belief in Germany, its businesses and its communities and the importance of a strong banking sector in powering Germany’s economic development.” UniCredit said the increased position in Commerzbank would not have an impact on the bank’s parallel takeover bid for fellow Italian bank Banco BPM.
Berlin decries ‘unfriendly attacks’ A German government spokesman decried UniCredit’s renewed move on Commerzbank on Wednesday.
He contended that the Italian bank had previously publicly indicated that it would not make further advances on the German bank before upcoming German elections, which are expected on February 23.
“We reject UniCredit’s uncoordinated and unfriendly approach. This continues to apply, all the more so as Commerzbank is a systemically important bank,” the spokesman said in Berlin on Wednesday afternoon.
