The Italian bank UniCredit has increased its stake in Commerzbank to 37.68 percent through an ongoing takeover offer. Additional shares were tendered despite an offer below the current share price.
UniCredit announced on Tuesday that shareholders had tendered 10.91 percent of Commerzbank shares under the takeover offer that has been running since early May. This raises the Milan-based bank's stake from 26.77 to 37.68 percent. The offer provides for an exchange of 0.485 UniCredit shares per Commerzbank share. At a Commerzbank price of 36.80 euros, the value is thus more than two euros below the current market price. Commerzbank accuses UniCredit of misleading investors. According to the Frankfurt institution, the tendered shares come predominantly from business partners such as the investment bank Nomura and not from institutional investors. A Commerzbank spokesperson stated that no acceptances by institutional investors have been identified so far. The total acceptances by private investors correspond to only around 0.05 percent.
