Italian banking giant UniCredit announced on Wednesday it has raised its stake in German lender Commerzbank to approximately 28%, intensifying speculation about a potential takeover despite resistance from the German government and Commerzbank management.
Expanded Investment Signals Strategic Intent
UniCredit SpA disclosed that its holding in Commerzbank AG grew from 21% to 28% of the voting rights, comprising a 9.5% direct stake in shares and an additional 18.5% held through derivatives.
“This move reinforces UniCredit’s view that substantial value exists within Commerzbank that needs to be crystallized,” the bank said in a statement. “It reflects the belief in Germany.”
The Italian lender emphasized that the expansion aligns with its plans to achieve a 29.9% stake. This increase follows a significant jump in September when UniCredit raised its holdings from 9% to 21%, fueling speculation about a potential full acquisition.
Regulatory Approval in Progress
UniCredit has filed the necessary regulatory documents to secure approval for the increased stake. The European Central Bank (ECB) must authorize the move to ensure compliance with banking system stability requirements. The ECB, which declined to comment on Wednesday, is expected to assess UniCredit’s suitability within 90 days of receiving the application.
