UniCredit Acquires 9% Stake in Commerzbank, Shares Surge 18%, Merger Talks Possible

Sep 11, 2024, 09:57 AM

UniCredit has purchased a 9% stake in Commerzbank, including a 4.5% stake from the German government. This acquisition has made the Italian lender a major investor in the German bank. Following the purchase, Commerzbank shares surged by 18%, with M&A rumors driving a 16% increase. Commerzbank has expressed openness to potential merger talks with UniCredit. UniCredit CEO Andrea Orcel has approached Commerzbank's management to explore merger possibilities. The German government, however, is facing pressure from the Verdi union to prevent UniCredit from acquiring more shares in Commerzbank. A government source indicated that while the political decision to gradually reduce the Commerzbank stake still applies, the new situation must be assessed.