The Italian major bank Unicredit has increased its ownership stake in German Commerzbank to 21 percent, from previously around 9 percent. The transaction must, however, receive clearance from the authorities to be completed, according to a press release from Unicredit.
According to Unicredit – which has stated that it wants to obtain clearance from the ECB for an ownership stake of 30 percent in Commerzbank – there are significant substantial gains to be made in the German competitor – either by owning it as an independent bank or by making Commerzbank a part of the Unicredit group.
Unicredit's share falls 2.4 percent after the announcement from the bank, while Commerzbank's previous price drop decreases somewhat.
The German government, which controls 12 percent of Commerzbank's shares, said on Friday that it was not currently considering selling more of the state-owned shares in the bank.
Unicredit previously bought a 4.5-percent stake in Commerzbank's shares in September, which doubled its holding.
