UniCredit Could Have Taken First Step Toward Commerzbank-HVB Merger -- Market Talk

Dow Jones
2024/09/11

1041 GMT - UniCredit's purchase of a stake in Commerzbank could be the first step toward a merger of the Italian bank's HVB German arm with Commerzbank, AlphaValue analyst David Grinsztajn says in a research note. Press reports have pointed to interest from UniCredit in a merger with Commerzbank in the past, most recently in 2022, but the most likely option is a combination between HVB and Commerzbank which would enable UCG to secure a controlling stake in Commerzbank thanks to the stake it has already acquired, the analyst says. "We see a strong rationale behind such a deal and would welcome it," Grinsztajn says. Commerzbank shares jump 19% on news that UniCredit took a stake of about 9%, while shares in the Italian bank trade 0.5% higher. (adria.calatayud@wsj.com)

 

(END) Dow Jones Newswires

September 11, 2024 06:43 ET (10:43 GMT)

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