Unicredit continues its takeover of Commerzbank. The bank led by Andrea Orcel announced that it has converted part of the remaining 9% of derivatives and is therefore rise from 20% to 26% of the German Institute.
Unicredit-Commerzbank: another 3% remains in derivatives
The latest move came on July 9, when Unicredit converted a 10% stake held in derivatives into shares, increasing its stake in Commerzbank to 20% of its capital and voting rights. At the time, the German government was not pleased, reiterating its opposition to the transaction: "Even the conversion of derivatives into shares was not agreed with Commerzbank or the federal government. This is a hostile approach that we neither accept nor support," the Chancellor said. Friedrich Merz. Today, however, it was the spokesman for the German Ministry of Finance who spoke, accusing the bank led by Andrea Orcel of “uncoordinated and unfriendly” movesThe German government recognizes Commerzbank's independence strategy, the spokesman explained, and does not intend to sell its shares.
Numbers in hand, Unicredit still has a further 3% of derivatives to be converted, likely by the end of the year, to increase to 29%, one step away from the takeover threshold. "The remaining synthetic position will be converted into physical shares in due course, bringing the total shareholding to approximately 29%," Unicredit announced.
In the same note, Piazza Gae Aulenti informs that "at the moment does not intend to seek representation on the board of directors”, but “will continue to closely monitor Commerzbank’s progress in sustainably strengthening its business and creating value for its shareholders, customers and employees.”
UniCredit-Commerzbank: CET1 impact at 145 basis points, return on investment at 20%.
The total impact on the CET1 ratio for the shareholding of approximately 29% increased from approximately 110 basis points, as previously communicated, approximately 145 basis points, due to the increase in the price of the stock and the concurrent restructuring of the collar derivative hedge, aimed at reducing future volatility on the income statement. return on investment is confirmed at around 20%, Unicredit further informs.
“To date, the investment has exceeded pre-defined financial metrics, thus creating significant value for shareholders, a positive trajectory that the group hopes will continue,” the statement concludes.
Title tied
At Piazza Affari, where the spotlight is still on the banks awaiting news on the dossier involving Ps (+ 1,5%) and Mediobanca (+ 0,98%), Unicredit proceeds in a draw. In Frankfurt, the title Commerzbank instead it gains 0,3%.
For Intermonte The news of the conversion "was expected" and is consistent "with the strategy of holding stakes in other banks as a way to manage excess capital, especially given the withdrawal of the offer for Banco BPM." Analysts, however, did not expect "the impact on the CET1 ratio resulting from the conversion, which increased due to the positive performance of Commerz's share price," which has risen by over 30% since January.
(Last updated: 15.35:25 PM on Monday, August XNUMX).
