UniCredit increases stake in Commerzbank to 20% - Breaking The News

UniCredit increases stake in Commerzbank to 20%

8 July

1 min read

EPA/MATTIA SEDDA

UniCredit S.p.A. announced on Tuesday that it had turned its synthetic position in Commerzbank into 20% of share ownership and voting rights.

"Having received all necessary legal and regulatory approvals - including ECB [European Central Bank], German Antitrust and FED [United States Federal Reserve], underscoring the appropriateness of our actions and approach - UniCredit today announces that it has converted c.10% of its current synthetic position in Commerzbank, taking its physical share ownership and effective voting rights to around 20%," the Italian bank wrote in a statement.

UniCredit also revealed that it intends to turn the remaining synthetic position of around 9% into physical shares as well, by which it would obtain approximately 29% of voting rights and become Commerzbank's top shareholder.

mergers and acquisitions commerzbank unicredit

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