UniCredit’s tender offer for Commerzbank has reached 7.85% acceptance as of June 5, representing shares equivalent to that portion of the German financial company’s capital, according to Commerzbank. The Italian bank, which launched a €40 billion takeover bid in March, is pushing to acquire the German lender despite its formal rejection of the offer.
Quick Facts
- Commerzbank reported 7.85% of its capital tendered; UniCredit reported 7.6% take-up as of June 2
- Combined with UniCredit’s existing stake, the tender offer would give UniCredit just over 30% of Commerzbank
- Commerzbank shares trade above the €35.76 per-share offer price, closing at €36.9 on June 5
- Commerzbank formally rejected the takeover offer in May, citing inadequate compensation
The two banks are sparring over the significance of the tender data as they battle to win over investors. UniCredit said on June 2 that it saw the “strength of the early tender response as reflective of the inherent value that investors are recognizing in UniCredit’s takeover offer.”
However, Commerzbank CEO Bettina Orlopp pushed back, telling an investor conference that it was “not sensible or rational” to tender, given that Commerzbank shares trade above the offer price. Orlopp noted that investors she had spoken to recently said they would not accept the offer at a discount.
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The discrepancy between the two banks’ reported figures—Commerzbank citing 7.85% versus UniCredit’s 7.6%—has intensified scrutiny. Commerzbank said on June 3 that it had asked Germany’s financial regulator BaFin to review the transparency of the take-up data. The bank said tendered shares largely originated from banks and entities connected to UniCredit’s derivative counterparties, including Nomura International (2.06%), Euroclear Bank (1.53%), and others, raising questions about the independence of the tender response.
UniCredit is offering 0.458 new UniCredit shares for each Commerzbank share tendered, valuing the German lender at €35.76 per share. The offer period is expected to run until July 3, 2026, giving shareholders several weeks to make their decision in one of Europe’s most contested banking takeovers in recent years.
Sources
- Reuters / U.S. News — Commerzbank tender acceptance figures, UniCredit’s take-up rate, offer price, market price, and CEO commentary
- WSJ — UniCredit’s 30% threshold achievement and combined stake details
- Commerzbank official website — Offer document publication date and extended acceptance period end date
