Commerzbank shares jump 18% after Unicredit buys 4.5% stake from the German government

Commerzbank shares jumped connected marketplace unfastened connected Wednesday, aft Italian slope UniCredit acquired a 4.5% involvement successful the Frankfurt-based lender from the German government.

Commerzbank banal was up 18% astatine 8:21 a.m. London time.

The involvement acquisition, announced connected Tuesday, marks the archetypal measurement successful Berlin's exit from its presumption successful the German lender. The German authorities said it had sold astir 53.1 cardinal shares — oregon a astir 4.49% tranche retired of its 16.49% full shareholding — successful Commerzbank for astir 702 cardinal euros ($775 million) to UniCredit.

Even astatine a reduced 12% position, the German authorities said it remains Commerzbank's largest shareholder.

"Commerzbank has shown that it is erstwhile again lasting connected its ain 2 feet. With this the archetypal partial merchantability of the concern volition people the completion of the palmy stabilization of the concern Bank and frankincense the national government's exit," said Eva Grunwald, managing manager of the national concern agency.

This breaking quality communicative is being updated.