UniCredit has raised its overall holding in Commerzbank to 42.5% following the end of the first acceptance period for its offer. The Italian lender received valid acceptances equal to 12.51% of Commerzbank shares by the close of the initial offer period earlier this week. Combined with the 26.77% stake it already held directly and a further 3.22% linked to financial contracts that can be settled with share delivery, UniCredit said its position now totals 42.5%. The bid will be reopened for Commerzbank investors from 20 June until 3 July. The result brings CEO Andrea Orcel nearer to his long-running attempt to increase UniCredit's position in the German bank, though German federal authorities earlier this month rejected a share-exchange proposal and reiterated their support for Commerzbank's independence.
Commerzbank AGUniCredit increased its holding to 42.5%, signaling a potential takeover threat and reducing Commerzbank's independence.
UniCredit SpAUniCredit successfully increased its stake in Commerzbank to 42.5%, advancing its acquisition strategy.
Commercial Bancgroup, Inc. Common Stock