UniCredit Increases Stake in Commerzbank to 20% in Potential Takeover Bid

UniCredit has increased its stake in Commerzbank to 20%, converting derivatives to shares. This move comes as UniCredit seeks to gain support for a possible takeover of the German bank. Commerzbank has stated that UniCredit’s actions were not coordinated and reaffirmed its commitment to independence. UniCredit’s CEO, Andrea Orcel, is pushing for talks with the German government regarding the future of the investment. However, Germany’s Verdi labour union continues to oppose any merger, calling UniCredit’s actions “hostile takeover activities.” Orcel has proposed a merger between Commerzbank and UniCredit’s German unit or potentially selling the stake.

Read more at Yahoo Finance: Italy’s UniCredit doubles equity stake in Germany’s Commerzbank to 20%