Wegavision
On Wednesday, it was revealed that UniCredit purchased 9% of Commerzbank shares, with the German government providing the remaining 4.5% of the market share.
The German government said that it sold shares in Commerzbank for 702 million euros, bringing its ownership down from 16.49% to 12%. The German bank's shares were purchased by UniCredit for 13.2 euros each, over 5% more than their Tuesday closing market value of 12.6 euros.
The price of Commerzbank's shares shot up 16.6% on Wednesday.
The FT's sources claim that Commerzbank was unaware of UniCredit's previous communication with it and that the latter discovered the competitor's acquisition of its shares on Wednesday morning through regulatory filings.
The Italian bank's acquisition of the full 4.5% that the government had put up for sale shocked German officials as well. The publication stated that they had anticipated selling the stock to a number of investors.
According to one of the individuals, "UniCredit has not discussed its plans with the German government."
source: ft.com
The German government said that it sold shares in Commerzbank for 702 million euros, bringing its ownership down from 16.49% to 12%. The German bank's shares were purchased by UniCredit for 13.2 euros each, over 5% more than their Tuesday closing market value of 12.6 euros.
The price of Commerzbank's shares shot up 16.6% on Wednesday.
The FT's sources claim that Commerzbank was unaware of UniCredit's previous communication with it and that the latter discovered the competitor's acquisition of its shares on Wednesday morning through regulatory filings.
The Italian bank's acquisition of the full 4.5% that the government had put up for sale shocked German officials as well. The publication stated that they had anticipated selling the stock to a number of investors.
According to one of the individuals, "UniCredit has not discussed its plans with the German government."
source: ft.com
