Tuesday, October 15, 2024
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UniCredit buys 9% stake in Commerzbank as German government looks to offload shareholding

  • UniCredit has acquired a 9% equity stake in Commerzbank.
  • Of this, 4.49% was purchased through an accelerated book building offering for $775 million, actioned on behalf of the German Federal Republic.
  • The German government holds a 16.49% share in Commerzbank through the Financial Market Stabilisation Fund (FMS) since the 2008 financial crisis. The government recently announced plans to reduce its stake.
  • The remainder of UniCredit’s stake was acquired through market activity for an undisclosed amount.
  • UniCredit plans to submit regulatory filings to potentially increase its stake and collaborate with Commerzbank to explore value-creating opportunities for stakeholders.
  • Commerzbank emphasized that its management and supervisory board will act in the best interests of shareholders, employees, and clients.
  • Commerzbank CEO Manfred Knof announced he will step down at the end of his term in December 2025 and the bank will begin searching for his successor.

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