UniCredit said Monday in a
statement that it has entered into financial instruments
enabling it to increase its stake in Commerzbank to 21% of the
capital.
Italy's second-largest bank said it has requested the European
Central Bank for authorization to raise its stake beyond 10% of
the capital to reach a holding of up to 29.9% in the German
bank.
UniCredit said in the note that it had acquired through
financial instruments an additional 11.5% of Commerzbank
explaining that "the physical settlement under the new financial
instruments may only occur after the required approvals have
been obtained".
In addition to the initial 9%, UniCredit's position now totals
around 21%, the lender said.
"The majority of UniCredit's economic exposure has been hedged
to provide it with full flexibility and optionality to either
retain its shareholding, sell its participation with a floored
downside, or increase the stake further.
"This will depend on the outcome of engagement with Commerzbank,
its management and supervisory boards as well as its wider
stakeholders in Germany", UniCredit said in the note.
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