UniCredit has increased its stake in Commerzbank to 28 per cent, saying that “substantial value exists within Commerzbank that needs to be crystallised”.
The Italian bank, which had raised its stake to 21 per cent in recent weeks, said in a statement that the move was in line with its ambition to increase its holding to 29.9 per cent. It started building the stake in September, leading to speculation that it would launch a takeover bid for the German lender.
UniCredit owns a 9.5 per cent direct stake in Commerzbank and an additional 18.5 per cent through derivatives.
This is a developing story
