Italian bank Unicredit has slightly increased its stake in Commerzbank and boosted its derivatives holdings. CEO Andrea Orcel is preparing a share exchange offer to start after a general meeting on May 4. The bank has also raised its stake in insurer Generali.
Frankfurt/Milan. Unicredit has secured access to additional Commerzbank shares ahead of its announced takeover offer. A voting rights disclosure on Thursday shows the direct stake rose to 26.77 percent from 26.04 percent. At the same time, holdings in Total Return Swaps increased to 5.87 percent from 3.31 percent; these derivatives expire partly in December, mostly next year.
The share exchange offer is set to launch after Commerzbank's extraordinary general meeting on May 4. Orcel aims to surpass the 30-percent threshold without triggering a mandatory bid. After a six-month waiting period, Unicredit could then freely acquire more shares.
Separately, Unicredit raised its stake in Italian insurer Generali to 8.7 percent from 6.7 percent. Generali supervisory board chairman Andrea Sironi announced this at Thursday's annual general meeting. A year ago, Unicredit entered Generali alongside a rebellious investor, though Orcel later planned to reduce the holding.
