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.
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