Unicredit locks up its stake in Commerzbank.
Andrea Orcel It is thus preparing for the confrontation with the CDU-led government which, according to polls, will win the elections on 23 February. The party leaders have never hidden that they are against the initiative started from Piazza Aulenti and therefore it is presumable that they will litter the road with traps. From this morning, however, they will have to deal with a new reality. In fact, early in the morning comes the announcement that Unicredit has burdened his participation in Commerzbank to around 28% compared to the 21% declared in previous weeks. The new stake is divided into a direct stake of 9.5% and an 18.5% stake held through derivative instruments. The Italian bank confirmed that it has started the authorization procedures necessary to increase the stake up to 29.9%. It means having control of the shareholders’ meeting considering that the German state has just over 12% left.
Second Unicreditthis operation represents a clear signal of trust towards Commerzbank and more generally of the German economy, currently in a difficult phase. “Commerzbank represents a significant value that should be consolidated”, declared the Piazza Gae Aulenti institute, specifying that, at least for now, the operation is to be understood as a simple strategic investment.
The market reaction was immediate. On the Frankfurt Stock Exchange, the title Commerzbank gained over 3% and Unicredit 1.3% in Milan. The move is part of a strategy already declared by Unicreditwhich aims to strengthen its presence in Commerzbank up to a maximum of 29.9%. The bank also underlined that the average entry price is lower than current market prices and respects all the financial parameters established to protect shareholders.
The impact on European banking risk
The strengthening of Unicredit in Commerzbank fits into the broader context of European banking risk. However, the move has no effect on the Public Exchange Offer launched by Unicredit towards BPM deskthe third Italian bank, as specified by it Unicredit. Nonetheless, the reaction of BPM desk she didn’t wait long. The institute has decided to present a complaint to Consob asking to declare the inadmissibility of the public offer on Piazza Meda, with the aim of protecting the shareholders and safeguarding the public offer on Soul.
According to the experts of Intermontethe intent of Unicredit to maintain flexibility in managing your participation in Commerzbank it could open up to various scenarios: from an increase in the share up to 29.9% to the possible launch of a takeover bid (OPA) on the German bank, or to the sale of the share itself. A strategy that highlights the desire to Unicredit to remain agile on the European banking scene.
Analysts’ reactions
The operation sparked various reactions among analysts. Intermonte highlights that the increase in the participation of Unicredit in Commerzbank it could represent a strategic move to strengthen its positioning in the German market, but also a potentially risky operation due to the international exposure of the Italian bank. Equityinstead, focused on the implications relating to the offer on Soulrecalling the words of Claudia BuchPresident of the Supervisory Board, according to which the application of the “Danish Compromise” will be assessed on a case-by-case basis.
The European banking risk therefore remains in full swing, with the moves of Unicredit which are the most important game in the continental financial panorama. The Italian bank’s next moves could influence not only the internal dynamics Commerzbankbut also the outcome of the offer on BPM deskgenerating new tensions between stakeholders.
