UniCredit: increases stake in Commerzbank to 28%.

(CercleFinance.com) - UniCredit announced on Wednesday that it had acquired new financial instruments with the aim of increasing its stake in Commerzbank to 29.
9%, as declared last September.

The Italian banking giant states that its stake in the German bank is now close to 28%, via 9.5% held directly and 18.5% through derivatives.

UniCredit points out that it has submitted all regulatory documents to the stock exchange authorities in order to increase its stake from 10% to 29.9%.

The financial group stresses, however, that this acquisition is only an "investment" and will have no impact on the recently launched takeover bid for its compatriot Banco BPM.

UniCredit believes that Commerzbank has yet to generate "substantial" value, and is convinced of the driving role played by the German banking sector in the growth of Europe's leading economy.

Following these announcements, UniCredit shares gained 1.3% on Wednesday morning on the Milan Stock Exchange, while Commerzbank shares climbed over 3% in Frankfurt.


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