UniCredit to Lift Commerzbank Stake to 42.5% After Initial Offer Period -- Update

Dow Jones06-19 22:58

By Aimee Look

Italy's UniCredit said it secured control over 42.5% of Commerzbank after the close of an initial offer period, and plans to reopen its takeover bid for another two weeks.

UniCredit received valid acceptances representing a 12.51% stake in Commerzbank at the end of its initial offer period earlier this week, the Italian bank said Friday. This takes UniCredit's stake in Commerzbank to 42.5% when added to the direct stake of 26.77% it already owned and the 3.22% held through financial contracts for which it can demand delivery of shares, it added.

The offer will reopen to Commerzbank shareholders between June 20 and July 3, UniCredit said.

Commerzbank has opposed the bid and Germany's finance agency said this week that the German government--the second-biggest shareholder in the bank after UniCredit--rejected the offer, citing its low valuation and UniCredit's "aggressive" approach.

After the end of the initial offer period, UniCredit Chief Executive Officer Andrea Orcel is edging closer to his yearslong pursuit of Commerzbank.

UniCredit earlier this year said it would launch an all-stock bid for the Commerzbank shares it didn't already own. The value of the offer has fluctuated and it now values Commerzbank at nearly $50 billion, which would make a takeover the biggest banking deal in Europe since the 2008-09 financial crisis if it is consummated.

Write to Aimee Look at aimee.look@wsj.com

(END) Dow Jones Newswires

June 19, 2026 10:58 ET (14:58 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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This takes UniCredit's stake in Commerzbank to 42.5% when added to the direct stake of 26.77% it already owned and the 3.22% held through financial contracts for which it can demand delivery of shares, it added. \n\n\n  The offer will reopen to Commerzbank shareholders between June 20 and July 3, UniCredit said. \n\n\n  Commerzbank has opposed the bid and Germany's finance agency said this week that the German government--the second-biggest shareholder in the bank after UniCredit--rejected the offer, citing its low valuation and UniCredit's \"aggressive\" approach. \n\n\n  After the end of the initial offer period, UniCredit Chief Executive Officer Andrea Orcel is edging closer to his yearslong pursuit of Commerzbank. \n\n\n  UniCredit earlier this year said it would launch an all-stock bid for the Commerzbank shares it didn't already own. 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