UniCredit said Wednesday that it has
upped its stake in Commerzbank from 21% to 28% in a move that
will boost speculation the Italian bank is set to take over the
German lender.
UniCredit said the operation was "in line with its previously
stated ambition to reach a 29.9% stake".
"UniCredit's economic exposure is almost fully hedged,
displaying prudency in approach and providing full flexibility
and optionality," it said in a statement.
"This move reinforces UniCredit's view that substantial value
exists within Commerzbank that needs to be crystalized. It
reflects the belief in Germany, its businesses and its
communities, and the importance of a strong banking sector in
powering Germany's economic development".
UniCredit made a surprise announcement in September that it had
acquired a major stake in Commerzbank, sparking a frosty
reaction from the German government.
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