UniCredit's Stake in Commerzbank Climbs to 37.7% Following Further Shareholder Acceptances

Deep News06-10

Following a new wave of acceptances for its takeover bid, Italian banking group UniCredit SpA (UCG) has announced its direct shareholding in Commerzbank AG (CBK) has reached 37.7%. The offer period is now in its final week.

Regulatory filings show that as of Tuesday, the latest acceptances accounted for an additional 10.9% of Commerzbank's share capital. This builds on UniCredit's previous direct holding of 26.8%, bringing the total direct stake to 37.7%. The filings also disclosed that UniCredit holds financial derivative contracts granting it economic rights equivalent to an additional 16.4% of Commerzbank's shares.

This represents a significant increase from the 7.6% acceptance rate UniCredit reported on June 2nd.

The stake update comes as the formal offer enters its final seven days. Earlier this year, UniCredit tabled a €24 billion offer for the shares it does not already own. This protracted acquisition attempt has faced unified opposition from Commerzbank's management, the German government, and labor unions.

UniCredit stated that, barring any extension, the takeover offer is scheduled to formally close on June 16th.

Commerzbank has not responded to media inquiries. Last week, the bank formally requested that Germany's Federal Financial Supervisory Authority (BaFin) review UniCredit's related disclosures, having previously characterized the bid as hostile.

A spokesperson for BaFin indicated that the regulator will meticulously examine all declaration materials submitted by market participants.

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