UniCredit Stock Surges 878% as Investors Back Bank’s Strategic Direction
The Italian bank UniCredit saw its stock value increase by 878%, more than double that of other European banks, as investors praised its strategy.
Deutsche Bank, HVB (UniCredit), Commerzbank
German Government Open to Selling Commerzbank Stake, Clearing Path for UniCredit Bid
The German government, which holds a stake in Commerzbank, is said to be willing to sell its shares, potentially clearing a path for UniCredit’s attempted acquisition of the bank after a period of governmental reticence.
BaFin Clears UniCredit’s Commerzbank Takeover Application, ECB Advances Review
The German financial regulator BaFin has deemed UniCredit’s request for a majority share in Commerzbank as fully submitted, allowing the deal to move forward. The European Central Bank is now examining UniCredit’s entry into the next stage of the acquisition process, bringing the potential merger a step closer.
UniCredit Confident of Commerzbank Regulatory Approval This Year, Raises Profit Targets
The Italian banking group UniCredit said it expects to secure approval for its takeover of Germany’s Commerzbank within the current year. The bank believes the transaction will have a smaller impact on its balance sheet than previously thought and has consequently increased its earnings target.
Three German Banks Sue Linde Group for Recovery of Hundreds of Millions Over Failed Russia Project
Deutsche Bank, HVB, and Commerzbank have filed lawsuits against Linde Group seeking recovery of hundreds of millions of euros related to a failed Russia project for which the banks had provided guarantees.