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If the deal wins approval, it will make the Italian bank Commerzbank’s largest shareholder – to the dismay of the German government.
ADVERTISEMENTUniCredit has announced it has increased its stake in German lender Commerzbank, in a move likely to inflame tensions with Berlin.The Italian bank said it was raising its stake from around 9% to 21%, but that the deal was subject to regulatory approval.It also announced that it had submitted a request to the European Central Bank to boost its holding to up to 29.9%.”UniCredit believes that there is substantial value that can be unlocked within Commerzbank, either stand-alone or within UniCredit, for the benefit of Germany and the bank’s wider stakeholders,” said the Italian lender in a statement.”However, as was the case for UniCredit, such potential requires action for it to be crystalized,” it added.If the lender’s 21% stake is approved, UniCredit will become Commerzbank’s largest shareholder, despite opposition from Berlin.The German government, which currently owns 12% of Commerzbank, said last week that it would halt a planned disposal of its stake.Politicians are angered by UniCredit’s handling of its Commerzbank ownership, accusing the lender of being secretive about its holdings.The Italian bank acquired a 4.5% stake in Commerzbank earlier this month, which it bought from the German government.According to the FT, the state was only told at the last minute that Commerzbank already had a 4.5% share – bringing its total stake to 9%.UniCredit had accumulated the initial portion through derivatives, a method that did not require full disclosure.Andrea Orcel, CEO of the Italian bank, has nonetheless stated publicly that Berlin was informed of UniCredit’s existing stake before the second 4.5% acquisition.Unions are notably opposed to a UniCredit takeover due to concerns that a merger could lead to job cuts and hinder lending to small and medium-sized businesses.Commerzbank will hold meetings this week between its management and supervisory boards, with UniCredit set to dominate the agenda.
رائح الآن
rewrite this title in Arabic UniCredit raises stake in Germany's Commerzbank to 21%
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