UniCredit raises stake in Commerzbank to 28%

UniCredit (UNCRY) announced that it has entered into new financial instruments relating to Commerzbank (CRZBY) shares, in line with its previously stated ambition to reach a 29.9% stake. UniCredit’s overall position now totals circa 28%, of which 9.5% through a direct stake and circa 18.5% through derivative instruments. UniCredit also said it has submitted the necessary regulatory filings to acquire a stake in Commerzbank in excess of 10% up to 29.9%. The authorization process is now activated, and interactions with authorities ongoing, UniCredit added. “UniCredit’s average entry price for the entire position is below current trading levels and fulfills the full financial metrics that we have committed to our shareholders to abide by.” The position remains at this time solely an investment and does not have any impact on the public exchange offer with Banco BPM (BNCZF), it said.