- The National Administration offers the initial Commerzbank bundle to Unicredit through a sale.
Giant Italian banking institution Unicredit has obtained a portion of German lender Commerzbank. The German government disposed of 4.49% of Commerzbank's stocks, as part of the recent announced partial sale, exclusively to the Italians. Unicredit was eager to pay more than the stocks' value on Tuesday evening's market close. As a result of a "clear excess bid" compared to other proposals, the entire deal was granted to Unicredit, as stated by the federal financial agency.
The acquisition cost was set at 13.20 euros per share, a 60-cent increase over the closing price on Tuesday. Price reductions are typical in such transactions. The government pocketed 702 million euros from the sale. The state's ownership of Commerzbank will decrease to 12% post-sale, involving the disposal of approximately 53 million shares. Nonetheless, the state continues to be Commerzbank's biggest shareholder. With this acquisition, Unicredit now ranks as the third-largest Commerzbank shareholder. Blackrock, an American asset management company, holds the second position with approximately 7%, owning the shares through various investment funds and, hence, lacking a strategic interest.**
Unicredit has an existing presence in Germany through HVB.
The sale of Commerzbank's stocks to Unicredit was overseen by The Commission, ensuring that the transaction adhered to all regulatory standards. After the acquisition, Unicredit becomes a significant influence under The Commission's oversight at Commerzbank.
