UniCredit: Commerzbank takeover bid take-up at 12.51% of capital

• UniCredit's overall Commerzbank holding now stands at 42.5%, comprising a 26.77% direct equity stake, 3.22% in derivatives, and 12.51% from the tender offer
• The tender offer acceptance rate increased marginally from 12.41% on Tuesday to 12.51% on Friday, showing limited additional shareholder participation
• UniCredit has stated it does not seek control of Commerzbank but aims to increase its stake above the 30% threshold, which typically triggers takeover regulations

UniCredit's Commerzbank Takeover Bid Update

UniCredit announced Friday that its tender offer for Commerzbank shares has reached a take-up rate of 12.51% of the bank's capital, a modest increase from 12.41% reported earlier in the week on Tuesday.

Key Holdings and Figures:

The latest tender results bring UniCredit's total Commerzbank stake to 42.5%, comprising:

• 26.77% direct equity stake (previously built)
• 12.51% from the current tender offer
• 3.22% held through other instruments

Transaction Timeline:

UniCredit launched its takeover bid on May 5, explicitly stating it does not seek full control but aims to increase its stake above the 30% threshold. The disclosure was made in compliance with mandatory legal requirements following the bid launch.

Market Implications:

The tender offer's relatively slow uptake suggests limited shareholder enthusiasm for selling at current offer terms. With a total holding now exceeding 42%, UniCredit has established a significant blocking minority position in Germany's second-largest private bank, though it remains below majority control levels.

The cross-border acquisition attempt represents one of Europe's most significant banking consolidation moves, with potential implications for the broader European banking sector's restructuring. The modest week-over-week increase in tendered shares (just 0.1 percentage points) may indicate that most shareholders willing to sell have already done so, or are holding out for better terms.

Background Context:

The bid has faced some resistance, with reports of Commerzbank staff protests highlighting concerns about the potential merger's impact on employment and operations.