UniCredit is further increasing its share package in Commerzbank. According to its own information, the major Italian bank now controls around 28 percent. The shares are likely to continue to rise.
The major Italian bank UniCredit is expanding its stake in Commerzbank through financial instruments. The overall position is now around 28 percent, reports UniCredit in Milan. The Italians say they hold almost a third of these through direct investments, the remaining 18.5 percent through financial instruments.
The move is in line with the goal of increasing the stake to 29.9 percent and underlining the belief in a strong German banking sector. At the same time, UniCredit further emphasizes that its commitment to Commerzbank should currently only be viewed as an investment. The position also has no impact on a parallel takeover offer for the Italian Banco BPM.
Entry takes place in stages
At the beginning of September, UniCredit took advantage of the federal government's partial exit and joined Commerzbank on a large scale. The major Italian bank initially secured the option to increase its stake from nine to 21 percent using financial instruments. However, this still had to be approved by the European Central Bank (ECB) banking regulator.
UniCredit has also applied for permission to increase its stake up to 29.9 percent. From 30 percent, it would be obliged to submit a public takeover offer.
Ver.di fears clear-cutting if takeover occurs
The federal government has decided not to sell any more Commerzbank shares until further notice. He supported Commerzbank during the financial crisis. The federal government rejected UniCredit's takeover plans. In September, Chancellor Olaf Scholz (SPD) spoke of an “unfriendly attack”. In the wake of UniCredit's entry, criticism of the federal government's share sale arose.
UniCredit boss Andrea Orcel has repeatedly emphasized that he sees extensive synergies between Commerzbank and the major Milan bank.
In the event of a takeover, the ver.di union fears that Commerzbank, with its approximately 42,000 employees, would be cut off and points to the takeover of Hypovereinsbank (HVB) by UniCredit in 2005, which led to a shrinking rate at the Munich institute.
