News
Banking Sector · Commerzbank · Tender Offer · UniCredit
UniCredit secured 12.51% acceptances in its tender offer for Commerzbank, increasing its total stake to 42.5%, which will further rise to 44.33% after Commerzbank cancels treasury shares, despite Commerzbank's board recommending against tendering shares.
The 12.51% acceptance rate was slightly above the provisional 12.41% reported on Tuesday, when the first phase of the offer closed. UniCredit's overall stake now includes a previously acquired 26.77% and an additional 3.22% held via equity-settled derivatives.
Commerzbank's management board and supervisory board reiterated their joint recommendation for shareholders not to tender their shares, but stated they are willing to engage in talks if UniCredit demonstrates "a genuine willingness" to seriously discuss issues such as an improved offer price. UniCredit consistently maintained it was not seeking control of Commerzbank through this offer, but rather aimed to lift its stake above 30%.
Although the initial offer phase has ended, investors have an additional two weeks, from June 20 to July 3, to tender their shares, with the final outcome to be announced on July 8, according to Reuters.
