Unicredit may increase its stake in Commerzbank to 28%: MF

Unicredit may increase its stake in Commerzbank to 28%: MF

UniCredit Spa is reportedly considering increasing its stake in Commerzbank to 28% by converting the remaining 8.0% still held in financial instruments, according to a report published Tuesday by MF-Milano Finanza [1]. This move would bring the Andrea Orcel-led bank close to the threshold that would require a mandatory takeover bid.

The potential increase in stake has sparked strong reactions in Germany. Commerzbank employees have voiced their concerns, meeting with members of the European Parliament. Nina Olderdissen, a member of the German bank's supervisory board, stated that an Italian acquisition would not represent genuine progress toward the European Banking Union, but would instead pose significant risks for employees, customers, and investors, without offering any tangible added value [1].

Chancellor Friedrich Merz also strongly criticized the initiative during the summer press conference, describing it as hostile, uncoordinated, and unacceptable. He emphasized Commerzbank's systemic role in supporting small and medium-sized German enterprises, both domestically and internationally [1].

UniCredit has been active in expanding its European footprint. In addition to its stake in Commerzbank, UniCredit holds an equity stake of circa 4.1% in the share capital of Generali, acquired through market purchases over time. The stake is a pure financial investment with a negligible impact on CET1, according to the bank [2].

The potential increase in UniCredit's stake in Commerzbank comes as the bank continues to focus on its strategic initiatives, including its multi-year partnership with Ferrari and its EUR 2.3bn favorable financing solutions for micro and small businesses across CEE in 2025 [2].

References:
[1] https://www.marketscreener.com/news/unicredit-considers-raising-stake-in-commerzbank-to-28-ce7c5cdcdd8ef32c
[2] https://www.unicreditgroup.eu/en.html