Milan-based bank UniCredit has increased its stake in Commerzbank to 39.28 percent. Shareholders tendered 12.51 percent of shares under a takeover offer.
UniCredit announced on Friday that its shareholding rises from 26.77 percent to 39.28 percent. The takeover offer ran from early May until last Tuesday.
In addition the bank holds convertible financial instruments of 3.22 percent plus derivatives amounting to 13.19 percent. The latter can be settled in cash.
A further acceptance period for shareholders runs from June 20 to July 3. The share exchange is expected only in the second quarter of 2027, when UniCredit chief executive Andrea Orcel anticipates all regulatory approvals.