Commerzbank shares surge on UniCredit stake purchase

Investing.comSep 11, 2024 8:06 AM

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Investing.com -- Shares of Commerzbank (ETR:CBKG) surged 16.7% on Wednesday after Italy's UniCredit (LON:0RLS) acquired nearly a 4.5% stake in the German bank, which was sold by the German government, Reuters reported.

The deal, valued at €702 million, makes UniCredit as one of Commerzbank's largest shareholders, reigniting earlier speculation about the Italian bank's interest in a potential takeover of its German counterpart.

This acquisition came as a surprise, as it was expected that the government would sell the shares to various institutional investors in smaller portions.

Instead, UniCredit purchased the entire stake at €13.20 per share, a premium over Commerzbank's closing price of 12.60 euros, the report added.

UniCredit, which already operates in Germany through HVB, had reportedly considered a merger with Commerzbank before Russia's invasion of Ukraine in 2022 disrupted those plans.

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