UniCredit announced that it has acquired an equity stake equal to around 9% in the share capital of Commerzbank AG. 4.49% has been acquired in an accelerated book building offering on behalf of the Federal Republic of Germany in line with its intention to reduce its stake in Commerzbank, and the rest of the stake has been acquired through market activity. Financial details were not disclosed in the statement.
“UniCredit is supportive of Commerzbank AG’s management board and supervisory board and the progress that they have made in improving the bank’s performance. The acquisition of the stake in Commerzbank AG is consistent with UniCredit’s strategy and the parameters within which it will make any investment,” according to the statement.
To maintain flexibility, UniCredit will submit regulatory filings for authorization to potentially exceed 9.9% of Commerzbank if and when necessary, the pan-European bank added.
In a statement, Commerzbank said: “We have taken note of UniCredit’s announcement…and its acquisition of an equity stake in Commerzbank. This is also testament to the progress made and the position of Commerzbank. Commerzbank’s management and supervisory board will continue to act in the best interest of all our shareholders and our key stakeholders such as employees and clients. At this stage we, however, cannot comment any further.”