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UniCredit Raises Physical Commerzbank Stake, Sparking New Rebuke
UniCredit Raises Physical Commerzbank Stake, Sparking New Rebuke
(Bloomberg) -- UniCredit SpA expanded its equity stake in Commerzbank AG to about 26%, buttressing its role as the German rival's biggest investor and prompting a fresh rebuke from the government in Berlin.
The Italian lender reiterated a previously communicated plan to continue converting its “synthetic position” in Commerzbank. That will take its voting rights held through physical shares to around 29% “in due course,” according to a statement on Monday.
A stake of 26% in Commerzbank was worth about €10.7 billion ($12.5 billion) at Friday's market close. UniCredit has gradually expanded its holding since first unveiling a sizable investment about a year ago. Chief Executive Officer Andrea Orcel has said he may wait until 2027 before deciding on an all-out takeover offer, after a rally in the rival's stock and government opposition complicated a potential deal.
A spokeswoman for the German government, which is the second biggest investor in Commerzbank with about 12%, reiterated its rejection of UniCredit's pursuit.
Berlin “rejects UniCredit's renewed uncoordinated and unfriendly action,” the spokeswoman said during a regular press conference on Monday. “The government supports the independence and autonomy of Commerzbank, as it has made clear to UniCredit, and will therefore not sell its stake.”
UniCredit built much of its Commerzbank stake via derivatives, gradually converting them into physical shares after receiving regulatory approval this year.
The latest conversion strengthens UniCredit's position “as Commerzbank's single largest shareholder,” it said in the statement. The firm “will continue to closely monitor Commerzbank's progress” in strengthening its business, though it won't seek a seat on the supervisory board at present.
Commerzbank swung between gains and losses on Monday, falling 0.2% at 1:27 p.m. in Frankfurt. UniCredit increased 0.1% in Milan. Commerzbank's shares have risen about 189% since UniCredit disclosed its stake on Sept. 11. That compares with an increase of about 92% for UniCredit.
UniCredit's expanded equity stake “does not change the fundamental situation and our stance,” Commerzbank said in a separate statement on Monday. “The continued success of our strategy and the broad support of our stakeholders reinforce our commitment to consistently pursue our growth strategy.”
Commerzbank CEO Bettina Orlopp said in a Bloomberg TV interview earlier this month that UniCredit's unique dual position as the German bank's largest shareholder and one of its main rivals is tricky to navigate. The Italian lender competes with Commerzbank for business in Germany through a large local subsidiary.
The impact on UniCredit's CET1 ratio for the Commerzbank stake of about 29% has risen to about 145 basis points, from about 110 basis points expected previously, UniCredit said in the statement on Monday. That's “due to higher share price and contextual restructuring of the collar derivative hedging to reduce future P&L volatility.”
The return on investment is “confirmed at around 20%,” it said.
The Commerzbank investment has “exceeded our financial metrics thereby creating significant value for UniCredit shareholders,” it said. “We are hopeful that this positive trajectory continues.”
--With assistance from Kamil Kowalcze.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Source: LiveMint
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