Finance

Orcel Escalates Commerzbank Fight With Surprise Stake Boost

Italian lender set to double Commerzbank stake to around 21%
Move comes just days after Berlin indicated its opposition

WATCH: Unicredit CEO Andrea Orcel moved to more than double the lender’s stake in Commerzbank on Monday. Oliver Crook recaps the situation.Source: Bloomberg

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By Sonia Sirletti and Arno Schuetze

September 23, 2024 at 10:31 AM UTC

Updated on

September 23, 2024 at 2:34 PM UTC

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UniCredit SpA Chief Executive Officer Andrea Orcel moved to more than double the lender’s stake in Commerzbank AG, in a dramatic development that’s likely to escalate tensions with the German government.

UniCredit said Monday that it had bought derivatives contracts for an 11.5% stake in Commerzbank, enabling it to add to the 9% of the bank that it already owns. The step effectively makes UniCredit the largest shareholder ahead of the German government and potentially puts it on course for a takeover.