UniCredit said it was increasing its stake in German lender Commerzbank to 28%.
The Italian bank said Wednesday that it acquired additional financial instruments tied to Commerzbank shares after it was authorized to raised its shareholding to up to 29.9%.
In September, UniCredit flagged interest in a potential combination when it disclosed a 9% stake in the German group. Shortly after, it entered financial contracts to raise its stake to 21%.

“This move reinforces UniCredit’s view that substantial value exists within Commerzbank that needs to be crystalized,” it said in a statement.

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