UniCredit said on Wednesday that its stake in Commerzbank now stands at 47.6% following the completion of a tender offer that concluded earlier this month. The Italian lender first established a 26.7% holding in the German bank beginning in September 2024 and subsequently launched the tender offer in May.
The May offer was framed by UniCredit as a move to raise its shareholding above the 30% mark. Crossing that threshold would permit the bank to acquire additional shares on the open market without triggering mandatory buyout obligations under German takeover law - a central rationale the bank communicated at the time of the offer.
UniCredit reported that holders representing 17.6% of Commerzbank’s shares accepted the tender. That acceptance rate rose from 12.5% following a two-week extension of the tender period, a procedural extension the bank said was required by German takeover regulations.
At the time it announced the May offer, UniCredit also made clear it was not seeking control of Commerzbank. The bank has reiterated that position in statements surrounding the completion of the tender.
The completed transaction combines the initial 26.7% stake built since September 2024 with the 17.6% of shares tendered in the public offer, resulting in the 47.6% ownership reported this week. UniCredit’s communication highlights the interaction between its targeted ownership level and the regulatory thresholds that determine when mandatory buyout provisions apply.
Observers and market participants should note that the tender period was extended by two weeks under the requirements of German takeover rules, which increased the proportion of shares tendered from 12.5% to 17.6% before the offer closed.
Bottom line - UniCredit has increased its stake in Commerzbank to 47.6% after a May tender offer and a regulatory extension of the tender period; the bank has said it does not intend to take control.