(Alliance News) - Jens Weidmann has just spoken out against the Commerzbank AG and UniCredit wedding, throwing the German bank into new turbulence.
As Corriere della Sera writes Friday, Barclays, as revealed by a mandatory disclosure, has acquired 16 percent of Commerzbank: 7.7 percent in shares and 8.3 percent in financial instruments.
The British bank, according to rumors, would act on behalf of a client, using equity packages to hedge derivative positions, including options and contracts for difference.
In recent months, Barclays has been working with UniCredit, Citi, and Bank of America to strengthen UniCredit's position in Commerzbank. In December, the Italian bank said it held 28 percent of the capital, or 9.5 percent in direct shares. To convert the remaining 18.5 percent derivatives into shares, UniCredit awaits the European Central Bank's okay, which could come by Feb. 18 or, at the latest, March 18.
Yesterday, the wedding between the two banks was discussed in preparation for the Eurogroup meeting in Brussels, considered a test for the banking union. Also yesterday, UniCredit unveiled a partnership with Ferrari NV, succeeding the one with Santander.
"The UniCredit logo will be on Ferrari cars, we will create events together and we will evaluate financial collaborations," said Benedetto Vigna, Ferrari's CEO.
Andrea Orcel took the opportunity to reaffirm UniCredit's Italian roots, after criticism over the blitz on Banco BPM Spa, stressing, "We are an Italian bank but we believe in Europe and in bringing the best of Italy to Europe."
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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