Unicredit’s German unit HVB holds a 6.4 per cent stake in HeidelbergCement AG as part of a loan-for-shares swap with Ludwig Merckle, who saw his stake in the cement maker decline.
 
A spokesman for Merckle’s investment vehicle VEM said the swap was part of a so-called repo loan whereby Merckle ceded parts of his stake to the bank, which, in turn, cancelled some of Merckle’s debt.
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