UniCredit SpA (UCG, UNCFF.PK), an Italian lender, announced that it has converted around 10 percent of its current synthetic position in Commerzbank AG (CRZBY.PK) to take its physical share ownership and effective voting rights to around 20 percent.
In addition, UniCredit intends to convert the remaining around 9 percent synthetic position into physical shares in due course to reach around 29 percent of Commerzbank voting rights.
With these moves, UniCredit becomes Commerzbank's largest reference shareholder.
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