UniCredit buys 9% stake in Commerzbank as German government looks to offload shareholding
Italian banking group UniCredit has snapped up a 9% equity stake in the share capital of Germany’s Commerzbank.
UniCredit seals stake in Commerzbank
Of the stake, 4.49% was purchased through an accelerated book building offering totalling $775 million, which was actioned on behalf of the Federal Republic of Germany.
The German government has maintained a 16.49% total shareholding in the bank through its Financial Market Stabilisation Fund (FMS) since the financial crash of 2008. However, it announced last week its intention to offload this stake, with the interministerial steering committee to decide on further sales steps “in due course”.
The remaining shares involved in the deal were completed “through market activity” for an undisclosed sum, UniCredit says, adding that it will now submit regulatory filings to potentially exceed the stake “if and when necessary” and will collaborate with the bank to “explore value creating opportunities for all stakeholders” in the meantime.
A statement released by Commerzbank says its management and supervisory board will “continue to act in the best interest of all our shareholders and our key stakeholders such as employees and clients”.
The purchase by UniCredit coincides with a separate announcement that Commerzbank CEO Manfred Knof will step down from his position upon the expiry of his first term in December 2025.
“I used the summer break with my family to think hard about this step,” comments Knof. “Of course, I will be available with full commitment until the end of the contract period.”
Commerzbank has confirmed that it will seek to commence an “orderly search process” for a successor to Knof, who has held the role since 2021, with immediate effect.
