Rome, July 8, 2026 (AFP)
Italy's UniCredit said Wednesday it had secured an additional 17.6 percent stake in Germany's Commerzbank as part of its hostile and highly political takeover bid to create a European giant.
UniCredit said in a statement that "shares representing 17.60 percent of Commerzbank's outstanding share capital have been tendered, well ahead of original expectations".
UniCredit said that this added up to 49.65 percent of Commerzbank voting rights, taking into account its directly held 26.77 percent stake and different financial instruments.
"The completion of the tender offer periods represents a further step in the execution of UniCredit's strategic investment in Commerzbank," UniCredit, Italy's second biggest lender, said.
But Commerzbank said that the acceptance rate among independent shareholders had been "low", which was "clear evidence of the low attractiveness of the offer".
Commerzbank said in its statement that "shares held directly by UniCredit, reported derivative positions, and tendered shares should not be interpreted as one aggregated overall position".
"We have taken note of the results of the takeover offer. We will continue to focus on the interests of our clients, employees, and shareholders," Commerzbank CEO Bettina Orlopp was quoted as saying.
UniCredit shares were down 3.30 percent at 0940 GMT on the Milan stock exchange.
The Milan-based bank launched its bid, valued at 35 billion euros ($40.6 billion), in early May to gain control of its German rival and cement its status as a European heavyweight.
The offer price has been widely seen as too low and marks the latest move in UniCredit's relentless pursuit of Commerzbank that has sparked fury from the lender and top German politicians.
Chancellor Friedrich Merz said in May the bid was destroying "trust" in Germany's second-largest private bank.
If the offer succeeds and is approved by the European Central Bank, it should mainly allow UniCredit to gradually increase its stake in Commerzbank.
In particular, UniCredit is proposing to cut back Commerzbank's international network, deemed too complex and inefficient, and refocus the bank on its activities in Germany.
dt/cw
Sumber : AFP