UniCredit is enhancing its investment strategy regarding its stake in German lender Commerzbank by acquiring additional protection on its existing holdings. This move comes as UniCredit secures optionality for potential future actions. Sources indicate that UniCredit has purchased this protection from Jefferies Financial Group. Meanwhile, Commerzbank's CEO is concentrating on a standalone strategy amid growing interest from UniCredit. A board member from UniCredit emphasized that the intention is to create greater value together, clarifying that a hostile takeover is not part of their strategy. Analysts at Jefferies have advised UniCredit to delay any bid for Commerzbank until the second half of 2025 to avoid triggering a mandatory cash offer.