On Wednesday, Commerzbank shares went up after UniCredit, Italy’s biggest bank, bought a small stake in the company. This led to rumours that the two banks might join completely.
The price of Commerzbank shares CBK 15.28% went up 16% to €14.60. Shares of UniCredit UCG 0.97% went down by 1%.
While the German government owned 4.5% of Commerzbank, UniCredit bought the rest of the shares on the market, giving it a 9% stake. That’s more than the €12.60 price at which the German government said it sold its shares on Tuesday.
Germany owns 12% of Commerzbank, which is a holdover from the financial collapse of 2008.
UniCredit said it will now “engage with Commerzbank to explore value-creating opportunities for all stakeholders in both banks.” “Meeting UniCredit’s strict financial parameters” is what it takes to buy more shares, the Italian bank said.
Twenty years ago, UniCredit bought HypoVereinsbank. In the first half of the year, Germany brought in about a fifth of its €12.58 billion in sales.
Over the years, Commerzbank has talked about merging with Deutsche Bank DBK -1.23%, a bigger competitor. CEO Manfred Knof said on Tuesday that he would not look for a new job when his current one ends in 2025.
