Investing.com -- Shares of Commerzbank (ETR:CBKG) surged 16.7% on Wednesday after Italy's UniCredit acquired nearly a 4.5% stake in the German bank, which was sold by the German government, Reuters reported.
The deal, valued at €702 million, makes UniCredit as one of Commerzbank's largest shareholders, reigniting earlier speculation about the Italian bank's interest in a potential takeover of its German counterpart.
This acquisition came as a surprise, as it was expected that the government would sell the shares to various institutional investors in smaller portions.
Instead, UniCredit purchased the entire stake at €13.20 per share, a premium over Commerzbank's closing price of 12.60 euros, the report added.
UniCredit, which already operates in Germany through HVB, had reportedly considered a merger with Commerzbank before Russia's invasion of Ukraine in 2022 disrupted those plans.