UniCredit increases stake in Commerzbank to 28% through derivatives
The headquarters of Commerzbank AG in Frankfurt’s financial district on Thursday, September 12, 2024.
Emanuele Cremaschi | Getty Images News | Getty Images
Italy’s UniCredit said on Wednesday it has increased its potential stake in Commerzbank to 28% using more derivatives, as markets watch to see whether it will take the plunge with a takeover of the German lender.
Italy’s second-largest bank said 9.5% of its shares in Commerzbank would be acquired through direct participation and around 18.5% through derivative instruments.
UniCredit has applied to the European Central Bank for permission to acquire a stake of up to 29.9% in the German bank, while also making a takeover bid for rival Italian bank Banco BPM.
CNBC has reached out to Commerzbank for comment.
This breaking news story will be updated.
