Unicredit increases the physical commercial interest, which causes new rebuke

(Bloomberg) – Unicredit Spa has expanded its shares in Commerzbank AG to about 26%, strengthening its role as the largest investor of German competitor and requesting a new government rebuke in Berlin. The Italian lenders repeated a previously communicated plan to continue the conversion of his ‘synthetic position’ into Commerzbank. This will take the right to vote by physical shares to about 29% “over time”, according to a statement Monday. A 26% stake in Commerz Bank was worth around € 10.7 billion ($ 12.5 billion) on Friday’s market. Unicredit has gradually expanded its stake since the first unveiling of a significant investment about a year ago. CEO Andrea Orcel said he could wait until 2027 before deciding on a takeover offer, after a rally in the opposition of the competitor and the government’s opposition a potential agreement. A German government spokesman, which is the second largest investor in Commerzbank with about 12%, repeated the rejection of Unicredit’s pursuit. Berlin “rejects the renewed uncoordinated and unfriendly actions of Unicredit,” the spokesman said at a regular press conference on Monday. “The government supports the independence and autonomy of Commerzbank, as it made clear to Unicredit, and will therefore not sell its interest.” Unicredit built a large part of its Commerzbank interest via derivatives and gradually converted it into physical shares after receiving regulatory approval this year. The latest conversion reinforces Unicredit’s position “as Commerzbank’s largest shareholder”, the statement says. The firm “will continue to carefully monitor Commerzbank’s progress” to strengthen his business, although he does not currently seek to seek a seat on the supervisory council. Commerzbank swung between profits and losses on Monday and dropped 0.2% in Frankfurt around 1:27 p.m. Unicredit rose 0.1% in Milan. Commerzbank’s shares have risen about 189% since Unicredit announced its stake on September 11. This compares with an increase of about 92% for Unicredit. Commerzbank said in a separate statement on Monday that the extensive shares of Unicredit the extensive shares “do not change the fundamental situation and our attitude.” The ongoing success of our strategy and the broad support of our stakeholders strengthen our dedication to consistently pursuing our growth strategy. ” Composition chief Bettina Orplopp said in a TV interview in Bloomberg earlier this month that Unicredit’s unique double position as the largest shareholder of the German bank and one of its most important competitors is to navigate. Commerzbank interest of about 29% rose to about 145 basis points, from about 110 basis points previously expected, Unicredit said in the statement on Monday. Financial statistics exceed and thus created a significant value for Unicredit shareholders, ”it reads. ‘We are hopeful that this positive track continues.’ -With help from Kamil Kowalcze.