“It would not be advisable for Unicredit to take advantage of the political vacuum in Berlin for a takeover,” he told AFP.
“At least some of the players could still be part of a government after the elections, and they should not be made enemies with.”
After its latest move, UniCredit said that its position in Commerzbank now totalled around 28 percent, of which 9.5 percent was held through a direct stake and about 18.5 percent through derivatives.
UniCredit’s advances reflect its “belief in Germany, its businesses and its communities, and the importance of a strong banking sector in powering Germany’s economic development”, said the bank.
It added however that it was moving cautiously, to provide “full flexibility and optionality” as it pursued what it believed was “substantial value” in Commerzbank.
UniCredit said the added investment would not affect its bid for Italy’s number three bank Banco BPM — which has also sparked some resistance in Italy.
Commerzbank declined to comment on the latest development.
A large portion of UniCredit’s shares were bought directly from the German government, which sold them off as it looked to unwind its position in Commerzbank.
Berlin still holds a 12-percent stake in the lender, the legacy of a government bailout during the 2008 global financial crisis.
Buechner said that, as a major shareholder, the German government “continues to support Commerzbank in its strategy and independence”, noting the lender was “systematically important”.
He said that UniCredit had previously described its Commerzbank stake as a “pure investment that can be dissolved at any time”.
“The federal government expects that UniCredit will make use of this option.”
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© 2024 AFP
