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How will Commerzbank's board react to UniCredit's stake increase by June 2024?
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UniCredit SpA•Commerzbank AG•German•Italian•UniCredit•Commerzbank•Banco BPM•European Central Bank•BCE
Resolution / Starting Odds
Supportive of UniCredit's stake • 25%
Neutral stance • 25%
Opposed to UniCredit's stake • 25%
Initiated defensive measures • 25%
Official statements from Commerzbank's board
Story
UniCredit Boosts Commerzbank Stake to 28%, Irks German Government Amid BCE Decision
Dec 18, 2024, 09:40 AM
UniCredit SpA has escalated its stake in Commerzbank AG from 21% to approximately 28%, intensifying speculation about a potential takeover of the German bank. The Italian bank's move includes a direct holding of 9.5% and an additional 18.5% through financial derivatives. This increase in stake is part of UniCredit's strategy to reach a 29.9% ownership in Commerzbank, a threshold below which it is not required to launch a mandatory takeover bid under German law. The operation has been met with criticism from the German government, which has described UniCredit's approach as 'unfriendly'. UniCredit has emphasized that its current position in Commerzbank is solely an investment and does not impact its ongoing public exchange offer for Banco BPM. The European Central Bank (BCE) is expected to make a decision on UniCredit's request to increase its stake to nearly 30% by mid-March.
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Change in CEO • 25%
Change in board composition • 25%
Major restructuring announced • 25%
No change in leadership • 25%
Regulatory approval required • 25%
No regulatory action • 25%
Regulatory investigation initiated • 25%
Regulatory restrictions imposed • 25%
Yes • 50%
No • 50%
Stake exceeds 29.9% • 25%
Stake remains at 28% • 25%
Stake decreases • 25%
Stake increases to 29.9% • 25%
Becomes largest private bank • 25%
Remains second-largest private bank • 25%
Drops to third-largest • 25%
Other • 25%
No • 50%
Yes • 50%
Partnership or alliance • 25%
Other developments • 25%
No acquisition interest • 25%
Continued acquisition interest • 25%
Full takeover of Commerzbank • 25%
Partial merger or partnership • 25%
Stake reduction or divestment • 25%
No significant change • 25%