UniCredit Raises Physical Commerzbank Stake, Sparking New Rebuke

UniCredit SpA expanded its equity stake in Commerzbank AG to about 26%, buttressing its role as the German rival’s biggest investor and prompting a fresh rebuke from the government in Berlin.

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.

A stake of 26% in Commerzbank was worth about €10.7 billion ($12.5 billion) at Friday’s market close. UniCredit has gradually expanded its holding since first unveiling a sizable investment about a ...