Unicredit rises to 28% of Commerzbank

UniCredit advances on Germany. The Italian group, while engaged in the battle for Banco Bpm in Italy, subscribed to new financial instruments for Commerzbank shares, in line with its previously stated goal of reaching a share of up to 29.9%.

UniCredit's total position now amounts to approximately 28%, of which 9.5% through direct participation and approximately 18.5% through derivative instruments. UniCredit submitted the necessary regulatory documentation to acquire a stake in Commerzbank of more than 10% and up to 29.9%. The authorisation process is now activated and interactions with the authorities are ongoing. UniCredit's average entry price for the entire position is below current quotations and meets all financial parameters that the bank is committed to fulfilling vis-à-vis its shareholders. 'UniCredit's economic exposure is almost completely covered,' the company stressed in a note, 'demonstrating prudence in its approach and ensuring full flexibility and optionality. This transaction confirms UniCredit's view that there is significant value within Commerzbank that needs to be consolidated. It reflects confidence in Germany, its companies and communities, as well as the importance of a strong banking sector in supporting the country's economic development. The position currently remains an investment only and has no impact on the public exchange offer with Banco BPM. The main objective of UniCredit's management team remains the continuation of UniCredit Unlocked and the realisation of sustainable growth and distribution to shareholders. Indeed, this is where UniCredit continues to believe it can extract the greatest value for all its stakeholders'.