Today UniCredit has entered into new financial instruments relating to Commerzbank shares, in line with its previously stated ambition to reach a 29.9% stake.
UniCredit's overall position now totals circa 28%, of which 9.5% through a direct stake and circa 18.5% through derivative instruments.
UniCredit has submitted the necessary regulatory filings to acquire a stake in Commerzbank in excess of 10% up to 29.9%. The authorization process is now activated, and interactions with authorities ongoing.
UniCredit's average entry price for the entire position is below current trading levels and fulfills the full financial metrics that we have committed to our shareholders to abide by.
UniCredit's economic exposure is almost fully hedged, displaying prudency in approach and providing full flexibility and optionality.
This move reinforces UniCredit's view that substantial value exists within Commerzbank that needs to be crystalized. It reflects the belief in Germany, its businesses and its communities, and the importance of a strong banking sector in powering Germany's economic development.
The position remains at this time solely an investment and does not have any impact on the public exchange offer with Banco BPM.
The primary focus for UniCredit's management team remains on the continued execution of UniCredit Unlocked and the delivery of sustainable profitable growth and distributions for shareholders. Indeed, this is where UniCredit continues to believe it can extract the most value for all its stakeholders.
Milan, 18 December 2024
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