UniCredit stake in Commerzbank hits 47.6% after tender offer, nearing majority control
UniCredit's stake in Commerzbank has risen to 47.6% after shareholders tendered 17.6% of the German bank's capital in the Italian lender's takeover offer, moving CEO Andrea Orcel closer to majority control.
The tender offer results
UniCredit announced on Wednesday that shareholders representing 17.6% of Commerzbank's capital accepted its takeover offer, pushing the Italian lender's total stake to 47.6%. The acceptance rate was
, according to a statement from the bank. The offer period had closed in June with UniCredit holding a direct stake of 42.5%.well beyond initial forecasts
- UniCredit's direct stake reaches 42.5% after the initial offer period ends in June.
- Stake rises to 47.6% as shareholders tender 17.6% of Commerzbank's capital.
Path to majority control
CEO Andrea Orcel has been pursuing Commerzbank for months, aiming to create a European banking powerhouse. The additional shares bring UniCredit to the cusp of majority ownership, which would give it full control over the Frankfurt-based lender. Regulatory approvals are still required, but the strong tender result strengthens Orcel's negotiating position.
German resistance
Commerzbank has pushed back against the unsolicited approach. On Tuesday, the bank released a survey of top financial decision-makers at German companies, showing 71% view a hostile takeover negatively. The survey is part of Commerzbank's defense strategy, highlighting concerns about job losses and reduced lending to German businesses. The bank described the results as "unequivocal."
Market reaction
Shares of Commerzbank fell 1.33% on Wednesday, while UniCredit dropped 3.03%, reflecting investor caution over the deal's complexity and potential political pushback. The transaction, if completed, would be one of the largest cross-border banking deals in Europe in recent years.
