UniCredit has lifted its directly held stake in Commerzbank to 34.4% through the takeover offer it began on May 5, a move that has faced broad opposition in Germany.
Weekly figures published by UniCredit under German takeover rules show that shareholders have so far tendered stock equal to 7.6% of Commerzbank’s capital
The offer remains open until June 16 and is currently below the market price. Large investors often hold off until the closing days of the acceptance period before deciding whether to tender. UniCredit has previously said the voluntary share exchange was designed to move its holding from 27% to just above the 30% level that triggers a mandatory takeover threshold, enabling it to purchase additional Commerzbank shares on the market afterwards.
Alongside the shares it owns directly, UniCredit also has derivatives linked to 16.4% of Commerzbank’s share capital. The bank said most of those instruments can only be settled in cash, giving it scope to reduce its eventual holding if necessary. When some share-settled derivatives are included, UniCredit’s overall holding in Commerzbank amounts to 37.6%.