On the table of the Italian banking risk, unicredit, while he is busy with the Italian front with Bpm desk, the game continues in Germany, as expected. The institute in Piazza Gae Aulenti, led by Andrea Orcel, announced this morning that it has subscribed to new financial instruments relating to the shares Commerzbank, in line with the previously stated target of reaching a share of up to 29,9%. UniCredit's overall position now amounts to at about 28%, of which 9,5% through direct participation and approximately 18,5% through derivative instruments. A move that, as has happened in the past, did not please the German government.
The details of the operation
Unicredit recalls having "presented the regulatory documentation necessary to acquire a share of Commerzbank above 10% and up to 29,9%”, stressing that “the authorization process is now activated and interactions with the authorities are ongoing”.
Il average entry price Unicredit's total position "is lower than current prices and satisfies all the financial parameters that the bank is committed to respecting towards its shareholders", reads a note, which also underlines that Unicredit's economic exposure is “almost completely covered, demonstrating prudence in the approach and ensuring full flexibility and optionality”.
This transaction “confirms UniCredit's view that there is significant value within Commerzbank that needs to be consolidated” and “reflects the trust in Germany, in its businesses and communities, as well as the importance of a strong banking sector in supporting the country's economic development". The position remains at the moment just an investment and has no impact on the public exchange offer with Bpm bank, is underlined.
UniCredit's move comes after yesterday evening Banco Bpm has requested Consob the adoption of measures to protect all stakeholders of the bank and the market as well as the public offering promoted on Anima shares.
The German government's reaction
As happened during the first takeover, when the now ex-chancellor Olaf Scholz spoke of a "hostile operation", this time too the German government said it was committed to finding a solution for Commerzbank. "We reject theUnicredit's uncoordinated and unfriendly approach“, said a spokesman for the German government, Commerzbank's largest shareholder.
“The federal government also has a critical view of Unicredit's plans because the integration of two large, systemically important banks always entails considerable risks, for example for employees,” the spokesperson added.
Commerzbank shares soar. Banco Bpm retreats
Takes flight at the Frankfurt Stock Exchange Commerzbank title after the news. A few minutes before closing, the action stands at 15,56 euros, with an increase of 2,12%. Also tonic Unicredit which stands at 38,8 euros, with an increase of 1,57%.
It takes a step back from the previous closing price Bpm bank, settling at 7,91 euros, with a decrease of 0,64%.
(Last update: 17.20 am on 18 December).
