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UniCredit Snaps Up 4.5% Stake in Commerzbank from German Government

Thursday, 19/09/2024 | 08:28 GMT by Tareq Sikder
  • The company seeks approval to raise its Commerzbank stake to 29.9%, avoiding a full takeover bid.
  • The sale sparked controversy in Germany, with officials reportedly surprised by UniCredit's interest.
unicredit
Bloomberg

UniCredit has acquired a 4.5% stake in Commerzbank from the German government. The purchase was made after discussions between the Italian bank and the German authorities.

UniCredit’s CEO, Andrea Orcel, stated in an interview with the Italian newspaper Il Messaggero that the German government views UniCredit as a reliable and suitable investor.

UniCredit Becomes Largest Shareholder

Andrea Orcel, UniCredit’s CEO
Andrea Orcel, UniCredit’s CEO, Source: LinkedIn

Orcel mentioned that he had travelled frequently between Germany and his family’s holiday location this summer as part of the negotiations. He emphasized that the transaction reflects trust in UniCredit's stability and intentions.

The bank had already acquired a similar stake in Commerzbank from the market, making it the largest private shareholder in the German bank.

Despite UniCredit’s increasing involvement, Orcel ruled out the possibility of a hostile takeover or unsolicited bid for additional shares. He described such actions as aggressive, saying they are not part of UniCredit’s current strategy.

Instead, the bank will seek regulatory approval to potentially increase its stake to 29.9%, the maximum threshold before launching a full takeover.

Meanwhile, Commerzbank and Crypto Finance, a Deutsche Börse subsidiary, are providing corporate clients in Germany with secure access to crypto assets, initially focusing on bitcoin and ether. Commerzbank will manage digital asset custody, while Crypto Finance will facilitate trading, ensuring clients retain established regulatory structures and partnerships.

Sale Sparks Controversy in Germany

The outcome of the sale has caused some controversy in Germany. Reports suggest that the government did not anticipate UniCredit’s interest, though the bank ultimately emerged as the highest bidder in the government’s auction for the stake.

In a separate interview with the German newspaper Frankfurter Allgemeine Zeitung (FAZ), Orcel confirmed that UniCredit is not under pressure to raise its stake in Commerzbank. He also noted that the bank may consider selling its current holdings in the future if conditions change.

UniCredit has acquired a 4.5% stake in Commerzbank from the German government. The purchase was made after discussions between the Italian bank and the German authorities.

UniCredit’s CEO, Andrea Orcel, stated in an interview with the Italian newspaper Il Messaggero that the German government views UniCredit as a reliable and suitable investor.

UniCredit Becomes Largest Shareholder

Andrea Orcel, UniCredit’s CEO
Andrea Orcel, UniCredit’s CEO, Source: LinkedIn

Orcel mentioned that he had travelled frequently between Germany and his family’s holiday location this summer as part of the negotiations. He emphasized that the transaction reflects trust in UniCredit's stability and intentions.

The bank had already acquired a similar stake in Commerzbank from the market, making it the largest private shareholder in the German bank.

Despite UniCredit’s increasing involvement, Orcel ruled out the possibility of a hostile takeover or unsolicited bid for additional shares. He described such actions as aggressive, saying they are not part of UniCredit’s current strategy.

Instead, the bank will seek regulatory approval to potentially increase its stake to 29.9%, the maximum threshold before launching a full takeover.

Meanwhile, Commerzbank and Crypto Finance, a Deutsche Börse subsidiary, are providing corporate clients in Germany with secure access to crypto assets, initially focusing on bitcoin and ether. Commerzbank will manage digital asset custody, while Crypto Finance will facilitate trading, ensuring clients retain established regulatory structures and partnerships.

Sale Sparks Controversy in Germany

The outcome of the sale has caused some controversy in Germany. Reports suggest that the government did not anticipate UniCredit’s interest, though the bank ultimately emerged as the highest bidder in the government’s auction for the stake.

In a separate interview with the German newspaper Frankfurter Allgemeine Zeitung (FAZ), Orcel confirmed that UniCredit is not under pressure to raise its stake in Commerzbank. He also noted that the bank may consider selling its current holdings in the future if conditions change.

Topics
unicredit
germany
fintech
commerzbank
About the Author: Tareq Sikder
Tareq Sikder
  • 2022 Articles
  • 34 Followers
About the Author: Tareq Sikder
A Forex technical analyst and writer who has been engaged in financial writing for 12 years.
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  • 34 Followers

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