UniCredit’s Physical Stake in Commerzbank Increases to 26%

UniCredit SpA has expanded its equity stake in Commerzbank AG to about 26%, buttressing the firm as the German rival’s biggest investor.

The Italian lender reiterated a previously communicated plan to continue converting its “synthetic position” in Commerzbank. That will take its voting rights held through physical shares to around 29% “in due course,” according to a statement on Monday.