UniCredit, Italy’s second largest banking group, announced on Wednesday that it now holds “around 28%” of the capital of the German bank Commerzbank, after having increased in recent weeks to 21%.
(AFP/DANIEL ROLAND)
UniCredit’s total participation “is now around 28%, including 9.5% direct participation and around 18.5% through derivative instruments”, specifies the Italian bank in a press release.
“UniCredit has presented the regulatory documentation to acquire a share of Commerzbank greater than 10% and reaching up to 29.9%. The authorization procedure is activated and discussions with the authorities are underway,” adds UniCredit.
This new increase in the German bank’s capital “confirms UniCredit’s opinion that there is significant value in Commerzbank which must be consolidated”, continues the Italian bank.
While specifying that this operation “represents for the moment only an investment”, UniCredit believes that it also shows “confidence in Germany and its companies” at a time when the largest economy in the euro zone is going through significant difficulties. .
This increase in Commerzbank’s capital also has “no consequences on the public exchange offer (OPE)” launched by UniCredit against Banco BPM, the third Italian bank, according to the press release.
UniCredit’s operation on Commerzbank continues to fuel speculation about a complete takeover of the German bank.
But this project encountered opposition from the German government as well as an outcry from unions in the German banking sector.
“The possibility of an agreement with Commerzbank has reduced, but it is not close to zero,” Andrea Orcel, boss of UniCredit, commented to the German press around three weeks ago.
Questioned by AFP, a Commerzbank spokesperson declared that the German bank would not comment on this new increase in capital which it takes note of.
Commerzbank remains focused on the implementation of its strategy and its development which will be presented on February 13 during the Capital Markets Day, according to the same source.
The hostility encountered in Germany due to UniCredit’s increase in the capital of Commerzbank is identical to that encountered in Italy for its takeover bid for Banco BPM.
BPM’s board of directors thus judges UniCredit’s OPE, valuing it at 10.1 billion euros, to be insufficient.
And the government of Giorgia Meloni has also warmly welcomed UniCredit’s offer because it risks thwarting its plan to create a third banking center in Italy formed by Banco BPM and Monte dei Paschi di Siena (MPS).
Economy Minister Giancarlo Giorgetti even raised the hypothesis that Rome could block the operation by resorting to “golden power”, which gives it special powers in sectors considered strategic for the country.
