Italy’s UniCredit said on Wednesday it has raised its potential stake in Commerzbank to 28% using further derivatives, as markets watch whether it will take the leap with a buyout of the German lender.
Italy’s second-largest bank said 9.5% of its holding in Commerzbank is through a direct stake and around 18.5% is obtained through derivative instruments.
UniCredit has applied to the European Central Bank for permission to acquire a stake of up to 29.9% in the German bank and simultaneously has a bid in for Italian peer Banco BPM.
CNBC has reached out to Commerzbank for comment.
This breaking news story is being updated.
