MILAN (ITALPRESS) – UniCredit has subscribed for new financial instruments related to Commerzbank shares, in line with its previously stated goal of achieving a stake of up to 29.9 percent. UniCredit’s total position now amounts to about 28 percent, of which 9.5 percent is through direct participation and about 18.5 percent through derivative instruments.UniCredit’s average entry price for the entire position,” reads a note, “is below current quotations and meets all the financial parameters that the bank is committed to meeting with shareholders. UniCredit’s economic exposure is almost completely covered, demonstrating prudence in its approach and ensuring full flexibility and optionality.This transaction, the bank stressed in the note, confirms UniCredit’s view that “there is significant value within Commerzbank that needs to be consolidated.” It also “reflects confidence in Germany, its businesses and communities, as well as the importance of a strong banking sector in supporting the country’s economic development. The position remains at present only an investment and has no impact on the public exchange offer with Banco Bpm. The main objective of UniCredit’s management team remains the continuation of UniCredit Unlocked and the realization of growth and distributions to shareholders that are sustainable. Indeed, this is where UniCredit continues to believe it can extract maximum value for all its stakeholders,” the note concluded.(ITALPRESS).-Photo: Unicredit press office-
