With its surprising entry into Germany’s second-largest listed financial institution, the major Italian bank is fuelling takeover speculation. Its boss stresses that the bank is flexible.
Unicredit CEO Andrea Orcel has confirmed his interest in a possible purchase of Commerzbank. Taking over Commerzbank is an option, he told the news channel Bloomberg TV. However, he also stressed that the bank is flexible in its further course of action following the nine percent stake announced on Wednesday. The share could also be increased or reduced. He sees no time pressure: “We are very patient.”
The Unicredit CEO, who has been in office since April 2021, has recently repeatedly stressed that he has his eye on takeovers. At Commerzbank, he took advantage of the government’s announced intention to reduce the state stake.
He snapped up a 4.5 percent stake at the auction, outbidding all other bidders and paying slightly more than the stock had recently cost on the stock exchange. The Italian bank also acquired a further 4.5 percent on the open market. With this surprising move, Unicredit fueled takeover speculation.
The price of Commerzbank shares shot up by 17 percent on Wednesday. Today, the market value continued to rise. Most recently, it climbed by almost three percent to almost 18 billion euros.
The move was also well received by Unicredit investors. The share price has risen by just over two percent since the announcement, significantly increasing its annual gains. The Italian bank’s market capitalization has increased by around half since the end of 2023, most recently to more than 60 billion euros.
Source: Stern