In brief
UniCredit's total stake in Commerzbank rose to 47.6% after shareholders tendered 17.6% of the German bank's capital.
UniCredit said the acceptance rate was "well beyond initial forecasts," strengthening its bid for control.
A Commerzbank survey found 71% of top German financial decision-makers view a hostile takeover negatively.
CEO Andrea Orcel is now within reach of majority control, which would give UniCredit full operational command of Commerzbank.
Commerzbank shares fell 1.33% and UniCredit dropped 3.03% as markets assessed regulatory and political risks.
- Initial offer closeUniCredit's direct stake reaches 42.5% after the initial offer period ends in June.
- Tender offer resultsStake rises to 47.6% as shareholders tender 17.6% of Commerzbank's capital.
The tender offer results
UniCredit announced on Wednesday that shareholders representing 17.6% of Commerzbank's capital accepted its takeover offer, pushing the Italian lender's total stake to 47.6%. The acceptance rate was
“well beyond initial forecasts”
Path to majority control
CEO Andrea Orcel has been pursuing Commerzbank for months, aiming to create a European banking powerhouse. The additional shares bring UniCredit to the cusp of majority ownership, which would give it full control over the Frankfurt-based lender. Regulatory approvals are still required, but the strong tender result strengthens Orcel's negotiating position.
German resistance
Commerzbank has pushed back against the unsolicited approach. On Tuesday, the bank released a survey of top financial decision-makers at German companies, showing 71% view a hostile takeover negatively. The survey is part of Commerzbank's defense strategy, highlighting concerns about job losses and reduced lending to German businesses. The bank described the results as "unequivocal."
Market reaction
Shares of Commerzbank fell 1.33% on Wednesday, while UniCredit dropped 3.03%, reflecting investor caution over the deal's complexity and potential political pushback. The transaction, if completed, would be one of the largest cross-border banking deals in Europe in recent years.