1404 GMT - UniCredit's move to raise its stake in Commerzbank to 28% shows its pursuit of the German bank isn't off the table, but a potential acquisition doesn't seem likely to go ahead, JPMorgan analysts say in a research note. "[UniCredit] has not yet given up on Commerzbank given the strategic merits and synergy potential, but considering the group wants the government support, we see the transaction as lower probability at this stage," JPM says. The Italian lender increased its Commerzbank stake to 28% from 21% previously through financial contracts. JPM estimates the move cost UniCredit about 4.9 billion euros, or 14.6 euros a Commerzbank share. Commerzbank shares rise 2.1% to 15.70 euros, while UniCredit is up 1.3% at 38.70 euros. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
December 18, 2024 09:04 ET (14:04 GMT)
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