UniCredit has raised its potential stake in Germany's Commerzbank to approximately 28%, comprising a direct shareholding of around 9.5% and derivative instruments representing a further 18.5%. The disclosure was made on 18 December 2024.

UniCredit's direct holding is capped below 10% until it receives supervisory approval, and the bank said it had now formally started that approval process.

ORCEL PURSUES PARALLEL EUROPEAN ACQUISITIONS

UniCredit Chief Executive Andrea Orcel is simultaneously pursuing the acquisition of Banco BPM, the Italian mid-tier bank, alongside the group's Commerzbank stake accumulation. UniCredit said the Commerzbank move did not have any impact on its public exchange offer for Banco BPM.

UniCredit's approach to Commerzbank has drawn attention from German political and business circles since the group first disclosed a significant stake earlier in 2024.

COMMERZBANK POINTS TO ITS STRATEGY

Commerzbank said it had taken note of UniCredit's announcement and pointed to the implementation of its strategy, an update on which it was due to present to investors on 13 February 2025. Commerzbank has continued to back its stand-alone strategy, while its labour representatives described UniCredit's stake-building as "activist and hostile".

The German federal government, which holds a stake in Commerzbank following the financial crisis rescue of the bank, opposes a takeover; on 18 December a government spokesperson called UniCredit's move "unfriendly" and said Berlin expected UniCredit to sell its stake.

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