Polaris Capital Management, LLC — Global Equity Composite on UniCredit S.p.A.
Thesis
Polaris purchased UniCredit because it views the bank as a strong Italian franchise with the potential to expand its pan-European position. The bank acquired a stake in Commerzbank and launched an unsolicited all-share takeover bid for the German lender. The investment therefore combines the quality of the existing franchise with a potential strategic expansion of its European footprint.
“One new addition: UniCredit SpA was purchased, as we deemed it a strong Italian franchise with pan-European prospects.”