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UniCredit Inches Closer to Majority Stake in Germany's Commerzbank

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UniCredit Inches Closer to Majority Stake in Germany's Commerzbank

UniCredit (UCG.MI) inched closer to a majority stake in Commerzbank (CBK.F), now holding a 47.59% interest in the German lender after completing a voluntary tender offer.

Shares representing 17.6% of Commerzbank were tendered following an extension of the acceptance period for the offer, which Italy's second-largest bank said Wednesday came in "well ahead of original expectations."

UniCredit previously held a 26.77% direct stake plus a 3.22% holding through derivatives and convertible financial instruments in Commerzbank. The initial acceptance period ran from May 5 to June 16, during which UniCredit secured tenders for a 12.51% stake in Commerzbank. The offer was then extended for two weeks, running from June 20 until July 3.

The increased 47.59% stake in Commerzbank translates into 49.65% of voting rights, UniCredit said.

"The completion of the tender offer periods represents a further step in the execution of UniCredit's strategic investment in Commerzbank. UniCredit continues to seek to engage constructively with all relevant stakeholders while pursuing the necessary regulatory and supervisory processes in relation to its investment," the Italian bank noted.

In a separate same-day release, Commerzbank described the acceptance rate among institutional and retail investors as "low," with the total number of shares tendered by these investors amounting to less than 2%.

"The low acceptance rate among independent shareholders is clear evidence of the low attractiveness of the offer. In this context, Commerzbank notes that shares held directly by UniCredit, reported derivative positions, and tendered shares should not be interpreted as one aggregated overall position," the German bank said.

UniCredit launched its voluntary exchange offer for the German lender in March 2026, with an exchange ratio of 0.485 of its own shares for each Commerzbank share, aiming to boost its stake to more than 30%. UniCredit expects settlement of the offer to complete by the first half of 2027.

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