UniCredit has communicated that 12.51% of Commerzbank shareholders have accepted the takeover bid launched by the Italian entity. With this percentage, the bank will control close to 40% of the German group's capital at the close of the first acceptance period, which has been completed but will remain open for an additional two-week period.
The transalpine bank has detailed that the final acceptance rate stood at 12.51%. Added to the direct stake it already held in Commerzbank, of 26.77%, and to shares linked to financial instruments with the right to demand physical delivery, equivalent to 3.22%, UniCredit's total position currently reaches 42.5%.
The Italian entity has specified that this stake could increase to 44.33% when Commerzbank proceeds with the redemption of its own shares, in compliance with a commitment already made by the German bank.
The data from this first acceptance tranche are still provisional, as a new additional period has opened since this Saturday, June 20, in which Commerzbank shareholders can continue to join the operation. This complementary period will last for two weeks, until July 3, so the final stake that UniCredit achieves could increase once it concludes.
UniCredit launched the initial acceptance period for its takeover offer aimed at Commerzbank shareholders on May 5. The proposal contemplates an exchange of 0.485 UniCredit shares for each share of the German bank. However, the Frankfurt-based entity has rejected the operation, considering that it does not adequately recognize "the fundamental value or the potential of the financial entity."
The Italian bank will not incorporate the additional shares into its balance sheet until the offer is completely finalized, which remains conditional on supervisory approval. UniCredit has warned that the regulatory process will be prolonged and estimates that the final settlement will not occur until the first half of 2027.
The German government, which controls around 12% of Commerzbank, has also shown its opposition to UniCredit's proposal. The Executive has criticized that the offer "does not include an adequate premium" and has also censured the "aggressive approach" of the Italian bank towards one of the country's main financial groups.