UniCredit Raises Commerzbank Holding to Around 21%

By Elena Vardon

UniCredit increased its holding in Commerzbank to around 21% through the purchase of additional instruments, the Italian bank said.

UniCredit entered into financial instruments for a 11.5% stake in the German lender, it said Monday. Earlier this month, UniCredit disclosed a 9% stake in its peer, reviving speculation that it could pursue a tie-up of the two banks.

Whether UniCredit keeps the shareholding, sells it or raises it further will depend on engagement with Commerzbank's management and supervisory boards and other stakeholders in Germany, it said.

"UniCredit believes that there is substantial value that can be unlocked within Commerzbank, either stand-alone or within UniCredit, for the benefit of Germany and the bank's wider stakeholders," the bank said.

UniCredit had submitted a regulatory filing to be allowed to hold over 10% and up to 29.9% of Commerzbank, it added. The settlement under the new financial instruments will only happen after it gets the necessary approvals.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

September 23, 2024 07:02 ET (11:02 GMT)

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