UniCredit’s Strategic Stake: A Trustworthy Move in Commerzbank

UniCredit has acquired a 4.5% stake in Commerzbank from the German state, with CEO Andrea Orcel emphasizing mutual trust and ruling out unsolicited buyout bids. Orcel emphasizes UniCredit’s role as a reliable investor with no immediate plans to increase its Commerzbank stake, though it's open to selling for profit.

UniCredit has successfully acquired a 4.5% stake in Commerzbank from the German state, a move based on mutual trust, according to CEO Andrea Orcel. Speaking to Il Messaggero, Orcel dismissed the possibility of aggressive moves like unsolicited buyout bids.

Orcel revealed how he traveled frequently between his holiday destination and Germany this summer to secure the deal. He emphasized the German government's confidence in UniCredit as a suitable investor for Commerzbank.

In response to speculation about a possible full takeover, Orcel clarified that while UniCredit holds a significant 9% stake, the current plan does not include raising the stake immediately but does seek approval to potentially buy up to 29.9%. Orcel also mentioned that UniCredit might sell its stake for profit given Commerzbank's rising share price.

(With inputs from agencies.)