From CNBC: 2024-12-18 04:44:56

UniCredit has increased its potential stake in Commerzbank to 28% using derivatives, up from 21%. The Italian bank seeks approval from the ECB to acquire up to 29.9% of the German lender. UniCredit emphasizes this move is an investment, separate from its bid on Banco BPM in Italy. The German government, which holds a 12% stake in Commerzbank, has shown reluctance towards UniCredit’s pursuit of a merger. Chancellor Olaf Scholz’s loss of a no-confidence vote paves the way for elections in February. Analysts suggest that a merger between UniCredit and Commerzbank could create synergies in various areas such as capital markets and trade finance. UniCredit shares rose 1.1% in London, with Commerzbank up 3.1%.

Read more: UniCredit raises stake in Commerzbank to 28% through derivatives