Commerzbank surges as UniCredit takes 9% stake

UniCredit said a 4.49% stake was bought in an accelerated book building offering on behalf of the government, in line with its intention to reduce its stake in Commerzbank. The rest of the stake was bought on the open market.

"UniCredit is supportive of Commerzbank AG's management board and supervisory board and the progress that they have made in improving the bank's performance," it said in a statement.

"The acquisition of the stake in Commerzbank AG is consistent with UniCredit's strategy and the parameters within which it will make any investment.

"UniCredit will engage with Commerzbank AG to explore value creating opportunities for all stakeholders in both banks."

It added that in order to "maintain flexibility", it will submit regulatory filings for authorisation to potentially exceed 9.9% of Commerzbank "if and when necessary".

"UniCredit's management remains focused on the continued execution of UniCredit Unlocked and the delivery of sustainable profitable growth and distributions for all shareholders.

"Indeed, this is where UniCredit continues to believe it can extract the most value for its shareholders."

At 0930 BST, Commerzbank shares were up 16% at €14.65.