UniCredit reaches 42.5% Commerzbank stake as tender results land

UniCredit Reaches 42.5% Commerzbank Stake as Initial Tender Period Closes

UniCredit said on Friday that investors tendered Commerzbank shares representing 12.51% of the German bank’s capital during its initial acceptance period, which closed on June 16, bringing its overall holding to approximately 42.5%.tradingview

The result cements one of Europe’s most closely watched banking battles, even as the deal faces opposition from Berlin and Commerzbank’s own leadership.

A Mounting Stake Despite Opposition

The 12.51% in valid acceptances adds to UniCredit’s pre-existing direct equity stake of 26.77% and a further 3.22% held through share-settled derivatives, according to the Italian bank’s disclosure. UniCredit also holds additional exposure to Commerzbank through cash-settled derivatives amounting to more than 13% of the bank’s capital.reuters

The acceptance level rose steadily throughout the offer period, climbing from 7.6% in early June to 10.95% by June 10, and ultimately reaching 12.51% by the June 16 deadline.wsj

UniCredit’s voluntary exchange offer, launched in March and formally documented on May 5, proposes 0.485 new UniCredit shares for each Commerzbank share. Commerzbank’s management and supervisory boards have urged shareholders to reject the bid, calling it an “opportunistic attempt to acquire control” that fails to reflect the bank’s fundamental value.commerzbank

Berlin Digs In

On June 16, the German government formally rejected the offer through the Financial Market Stabilisation Fund, which manages Berlin’s stake of more than 12% in Commerzbank. Germany’s Finance Agency said the bid “does not present an adequate premium over the current market price” and criticized UniCredit’s “aggressive approach”.reuters

The rejection underscores Berlin’s view that Commerzbank — a major lender to Germany’s Mittelstand of small and medium-sized enterprises — should remain independent. Frankfurt prosecutors also disclosed on June 16 that they had opened a preliminary investigation into potential market manipulation linked to the offer, though no details were provided.euronews

What Comes Next

Although the initial acceptance window has closed, UniCredit has extended the offer period from June 20 to July 3 under the same terms, with final results expected on July 8. No interim updates on participation will be provided during the extension.commerzbank

Even if the tender process concludes, UniCredit has said it does not expect full regulatory closing before 2027, as approval from the European Central Bank is still required. The Italian bank has stated it has no intention of pursuing a merger between Commerzbank and its German subsidiary HypoVereinsbank until Commerzbank “is strengthened and transformed”.reuters