The Italian bank secured an additional 12.51% of Commerzbank shares, nearing its goal despite German government opposition.
UniCredit increased its holding in Commerzbank to 42.5% after the first acceptance period of its offer closed. The bank received valid acceptances for 12.51% of shares, adding to its existing 26.77% direct stake and 3.22% linked to financial contracts.
The bid will reopen for two weeks starting 20 June, aiming to further consolidate UniCredit’s position. Earlier, German authorities rejected a share-exchange proposal, citing insufficient premium and backing Commerzbank’s independence.
CEO Andrea Orcel’s push to expand influence in the German lender faces regulatory hurdles, though the latest move strengthens UniCredit’s foothold.