UniCredit has increased its voting rights in Commerzbank to approximately 26% by converting more of its synthetic positions into physical shares.
Last month, UniCredit converted derivatives into stock, raising its equity stake in Commerzbank to 20%.
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The move positioned UniCredit as Commerzbank’s largest shareholder, surpassing the German government’s holding, which has expressed opposition to a takeover.
The Italian bank reiterated its plans to convert the remaining synthetic positions, ultimately increasing its total equity voting stake to about 29%.
A 26% stake in Commerzbank is valued at about €10.7bn ($12.5bn) based on last Friday’s market close, according to Bloomberg.
In its statement, UniCredit said: “UniCredit reinforces its position as Commerzbank’s single largest shareholder. Whilst UniCredit does not intend to seek board representation at this time, we will continue to closely monitor Commerzbank’s progress in sustainably strengthening its business and creating value for its shareholders, clients and people.
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By GlobalData“To date, our investment has exceeded our financial metrics thereby creating significant value for UniCredit shareholders. We are hopeful that this positive trajectory continues.”
UniCredit has been increasing its shareholding after announcing an investment since approximately a year ago.
UniCredit CEO Andrea Orcel has indicated a potential wait until 2027 before considering a full takeover offer, citing challenges from a stock rally and government opposition.
A German government representative reiterated opposition to UniCredit’s actions, asserting that Berlin “rejects UniCredit’s renewed uncoordinated and unfriendly action”.
“The government supports the independence and autonomy of Commerzbank, as it has made clear to UniCredit, and will therefore not sell its stake.”
Commerzbank, in a statement, noted that UniCredit’s increased stake “does not change the fundamental situation and our stance.”
Speaking to Bloomberg TV last month, Commerzbank CEO Bettina Orlopp highlighted the complexity of UniCredit’s dual role as a major shareholder and competitor in Germany.
In a separate development, UniCredit recently concluded a merger with Alpha Bank România, enhancing its presence in Romania’s corporate and retail banking sectors.
