Italy’s UniCredit said Wednesday that it has acquired a 9% stake in Germany’s Commerzbank.
It said it bought about half of the stake via a bid to the German government, which is seeking to reduce its stake in the bank after a bailout 16 years ago, and got the rest on the market.
It paid 13.20 euros per share for the stake from the government.
The move could be the precursor of a takeover.
“UniCredit will submit regulatory filings for authorization to potentially exceed 9.9% of Commerzbank if and when necessary,” the Italian lender said.
Source: Ansa News Agency