Commerzbank advances 1.88% to 17.89 euros on the Frankfurt Stock Exchange and takes the lead in the Dax index, the share price having reached its highest level since 2011 in the morning. This stock market performance comes as the German bank plans to cut thousands of jobs across the Rhine to defend itself against a takeover by Unicredit, as reported by the Financial Times. The British financial media specifies that the group should outsource functions linked to digitalization and information technologies to other European countries.
Investors and the public will be informed in detail about the current status of the company’s strategy, which is still being developed, on February 13 when the group’s results are published.
Commerzbank faces a possible takeover by UniCredit, which already holds nearly 28% of its capital, including a direct stake of around 9.5%.
The Italian bank also secured access to an 18.5% stake through derivatives in Commerzbank.
-UniCredit has already announced that it will seek approval from supervisory authorities for a stake of up to 29.9%. From a stake of 30%, the Milanese bank would be obliged to present a public purchase offer.
As German daily Handelsblatt recently reported, Commerzbank supervisory board chairman Jens Weidmann said the likelihood of an amicable merger with UniCredit was low following the Italian bank’s surprise acquisition of a significant stake in the capital of the German bank.
Swiss
