Commerzbank shares climbed to their highest level in 16 years on Tuesday, closing at EUR 39.65 on the Xetra exchange.
The 2.3% daily gain pushed the stock's year-to-date performance to 10%, reflecting growing investor confidence in the ongoing acquisition process by Italian lender UniCredit.
60% of Commerzbank's shares under its current takeover offer, significantly strengthening its position to control the lender.
The price action follows reports that UniCredit has successfully expanded its stake in the German bank to 47.59%.
The Italian group secured an additional 17.60% of Commerzbank's shares under its current takeover offer, significantly strengthening its position to control the lender.
This accumulation of shares has been a key driver of the recent bullish sentiment surrounding the stock.
Internally, Commerzbank is actively preparing for a potential change in ownership.