EconomyLens.com
No Result
View All Result
Wednesday, July 9, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Commerzbank commits to strategy as UniCredit ups direct stake

Andrew Murphy by Andrew Murphy
July 9, 2025
in Other
Reading Time: 4 mins read
A A
0
19
SHARES
235
VIEWS
Share on FacebookShare on Twitter

Commerzbank has been seeking to fight off UniCredit's advances. ©AFP

Frankfurt (Germany) (AFP) – German lender Commerzbank said Wednesday it was committed to its strategy after Italian bank UniCredit formally upped its stake in its rival, laying the ground for a potential takeover bid. UniCredit said late Tuesday it had increased its direct stake in Commerzbank to around 20 percent from 10 percent, following all the necessary regulatory approvals. The Italian group said it intended to convert a further tranche equivalent to around nine percent of Commerzbank’s stock and held through derivatives into fully owned shares.

Related

Can Kenya attract the outsourcing jobs of the AI future?

Markets mixed as Trump flags fresh tariffs, eyes on trade talks

US stocks mostly lower as Trump adds copper, pharma to tariff onslaught

Where do trade talks stand in the rush to avert higher US tariffs?

Stocks mark time as Trump postpones tariffs deadline

The moves, which made UniCredit the single-largest shareholder in the German bank, were “once again not coordinated with Commerzbank,” the bank said in a statement sent to AFP on Wednesday. Commerzbank has strongly resisted a possible takeover by UniCredit since the Italian bank announced in September it had quietly built up a stake in the German group. The move triggered talk that UniCredit chief Andrea Orcel wanted to push for an ambitious pan-European banking merger. “The adjustment in UniCredit’s position has no impact on our strategic direction or our ambitions,” Commerzbank said.

Commerzbank has looked to trim costs to make it more resistant to a takeover, announcing plans to cut 3,900 jobs by 2028, most of them in Germany. Germany’s second-largest private lender has also looked to win over stockholders by putting forward a share buyback programme. The German government has, similar to Commerzbank itself, flatly opposed a takeover by UniCredit, with Chancellor Friedrich Merz describing the Italian group’s moves as “hostile.”

Berlin still holds a 12.1-percent stake in Commerzbank, the legacy of a 2008 bailout in the midst of the global financial crisis. The government had begun the process of exiting its position in Commerzbank but has paused sales of its shares since UniCredit’s interest became clear. A large portion of the Commerzbank shares initially acquired by UniCredit in September were bought directly from the German government, a move which surprised officials.

A finance ministry spokeswoman said Wednesday that the government had “taken note” of UniCredit’s latest steps. The government “rejects UniCredit’s renewed uncoordinated and unfriendly approach” and “supports Commerzbank’s strategy of independence,” the spokeswoman said. As such, the government would not be parting ways with the remainder of its stake, she said.

© 2024 AFP

Tags: bankingGermanymerger
Share8Tweet5Share1Pin2Send
Previous Post

Volkswagen US deliveries fall as Trump tariffs bite

Andrew Murphy

Andrew Murphy

Related Posts

Other

BRICS nations slam Trump tariffs, condemn strikes on Iran

July 8, 2025
Other

German exports to US tumble as Berlin urges quick trade deal

July 8, 2025
Other

Bulgaria to get final green light to adopt euro in 2026

July 8, 2025
Other

Cambodian garment workers fret Trump’s new tariff threat

July 8, 2025
Other

Bulgaria to get final green light to adopt euro in 2026

July 8, 2025
Other

Stocks rise as Trump delays tariffs deadline

July 8, 2025
0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Mattel launches Barbie doll with diabetes

July 9, 2025

The long slow death of Norway’s wild salmon

July 9, 2025

Can Kenya attract the outsourcing jobs of the AI future?

July 9, 2025

China’s snaps 4-month consumer decline but factory price deflation deepens

July 8, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.