UniCredit Group bought a 4.49% stake in Commerzbank AG from the German government, the country's Finance Agency stated on Wednesday.
The Italian lender acquired the stake at €13.20 per share, with the German government generating €702 million from the sale. "Commerzbank has shown to be standing firmly on its own feet again. This first partial sale of the Federal government's stake heralds the completion of the successful stabilisation and thus the exit of the Federal government," Eva Grunwald, member of the Executive Board of Finance Agency, said. Following the sale, the government holds a 12% stake in Commerzbank, remaining its largest shareholder and has committed to a "90-day restriction in sales with certain exceptions."
Earlier this month, the government announced it planned to cut its stake in the lender, which it supported during the 2008-2009 crisis, as the business is now "stable and profitable again."
