Italy's UniCredit multinational banking group announced on Tuesday it has taken its share in Germany's Commerzbank to well over the 30% mark in its takeover bid.
The Milan-based bank said it had secured 7.58% of the capital from Commerzbank shareholders. Combined with the 26.77% stake it already held, UniCredit's shareholding would rise to 34.35%.
By means of its voluntary takeover offer made last month, UniCredit is avoiding having to make a considerably more expensive compulsory offer for all Commerzbank shares. The Milan-based bank is offering 0.485 of its shares for each Commerzbank share.
At current prices, this is less than what a Commerzbank share is worth on the exchanges. UniCredit also holds financial instruments allowing it to access further Commerzbank shares.
In September 2024, UniCredit took a substantial stake in Commerzbank, after the German state disposed of shares purchased during the 2008 financial crisis to support the bank. UniCredit soon became the largest shareholder in Germany's second-largest bank.
On May 5, UniCredit chief executive Andrea Orcel increased pressure for a takeover with a voluntary purchase offer for all Commerzbank shares.
Commerzbank's executive, works council and staff have all opposed Orcel's offer, which they see as "hostile." UniCredit's pursuit of the German lender has also received a cool response from Berlin.
