Milan (Reuters) – Unicredit announced on Monday that it has brought its voting rights to Commerzbank to around 26% by converting an additional part of its synthetic position into physical actions, thus strengthening the position of the Italian bank as the first shareholder of Commerzbank.
The bank added that the rest of its synthetic position should be converted into physical shares in due time, which should bring its participation with voting rights in the German bank at around 29%.
The second largest Italian bank, Unicredit became last year the first private investor in Commerzbank, despite the marked opposition of Germany to a full takeover of the German bank.
In July, Unicredit had reached 20% of the capital of Commerzbank by converting derivatives.
Unicredit, which obtained the green light from the European Central Bank earlier this year to rise to the Central Bank to the Comitérzbank capital, said on Monday that he did not intend to request a representation from the board of directors “for the moment”.
The bank indicated that its investment “has exceeded our financial criteria, thus creating a significant value for shareholders of Unicredit”, while recognizing an increase in the overall cost of the operation.
“The return on investment is confirmed around 20%,” she added.
(Written by Claudia Cristoferi, Noémie Naudin, edited by Blandine Hénault)
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