Commerzbank: Unicredit's Strategic Stake Sparks Acquisition Concerns

Frankfurt/Mailand (dpa) - Unicredit’s entry into Commerzbank revitalizes takeover rumors for the Frankfurt banking giant. The Italians have purchased stakes both from the government and the market, securing about nine percent of Commerzbank shares. They plan to seek permission to increase this stake beyond 9.9 percent, showcasing their interest passionately. Following this news, Commerzbank’s shares soared by over 15 percent at the start of trading.

Unicredit has bought government-held shares - Nearly half of the nine percent package originated from the German government, which recently announced its partial exit from Commerzbank. Unicredit agreed to a price that exceeded market value, echoing its commitment to the German market.

Unicredit poised to influence the market - Being now the second-largest shareholder, Unicredit is expressing its intent to solidify its position within the competitive banking sector. The two banks turned into major losers during past financial crises but are experiencing a rebound, particularly buoyed by rising interest rates that favor banking profitability.

Commerzbank plans succession - In an internal shakeup, the search begins for a successor to CEO Manfred Knof, who will not extend his contract expiring at the end of 2025. Under his leadership, Commerzbank underwent significant restructuring, shedding thousands of jobs, yet achieving a record profit of approximately 2.2 billion Euros last year.