UniCredit, Italy's second-largest bank, has acquired a 9% stake in Commerzbank, Germany's second-largest bank. This acquisition includes 4.5% purchased from the German government, which remains the largest single shareholder with a 12% stake.
UniCredit CEO Andrea Orcel has ruled out a hostile takeover, emphasizing a cooperative approach with Commerzbank's management and the German government. Orcel seeks to increase UniCredit's stake to 29.9%, pending approval from the European Central Bank (ECB).
The German state entered Commerzbank during the 2008 financial crisis and now plans to sell its remaining shares. While Orcel has expressed interest in a full acquisition, this move has faced criticism from opposition politicians and the Verdi labor union.
Orcel maintains that the current 9% stake is significant but non-invasive, and he is open to selling the shares for a substantial profit, given the recent rise in Commerzbank's stock price. Discussions continue, with UniCredit aiming for a constructive relationship and potential future investments.
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